Jackson National Separate Account I

Financial Statements

December 31, 2020

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Growth Allocation Fund - Class A			JNL Growth Allocation Fund - Class I			JNL iShares Tactical Growth Fund - Class A
Assets
Investments, at fair value		$	1,535,675,994		$	10,274,356		$	743,677,082		$	6,093,908		$	2,334,912,343		$	14,404,859		$	259,653,177
Receivables:
	Investments in Fund shares sold		2,574,766			124			1,673,764			73			757,182			451,291			88,492
	Investment Division units sold		1,495,991			—			1,550,898			—			578,314			—			746,179
Total assets			1,539,746,751			10,274,480			746,901,744			6,093,981			2,336,247,839			14,856,150			260,487,848
Liabilities
Payables:
	Investments in Fund shares purchased		1,495,991			—			1,550,898			—			578,314			—			746,179
	Investment Division units redeemed		2,520,398			—			1,649,320			—			674,064			451,117			80,674
	Insurance fees due to Jackson		54,368			124			24,444			73			83,118			174			7,818
Total liabilities			4,070,757			124			3,224,662			73			1,335,496			451,291			834,671
Net assets		$	1,535,675,994		$	10,274,356		$	743,677,082		$	6,093,908		$	2,334,912,343		$	14,404,859		$	259,653,177
Investments in Funds, shares outstanding			90,016,178			596,306			53,579,040			434,968			132,740,895			811,084			16,655,111
Investments in Funds, at cost		$	1,071,372,396		$	8,236,561		$	670,165,378		$	5,608,841		$	1,600,533,573		$	11,506,192		$	226,319,259
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Growth Allocation Fund - Class A			JNL Growth Allocation Fund - Class I			JNL iShares Tactical Growth Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	4,287,774
Expenses
	Asset-based charges		17,131,389			34,509			6,986,223			20,812			27,087,149			51,130			2,405,459
Total expenses			17,131,389			34,509			6,986,223			20,812			27,087,149			51,130			2,405,459
Net investment income (loss)			(17,131,389	)		(34,509	)		(6,986,223	)		(20,812	)		(27,087,149	)		(51,130	)		1,882,315
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			13,507,538
	Investments		53,641,441			184,712			17,889,967			103,824			94,196,418			86,267			6,269,662
Net change in unrealized appreciation
	(depreciation) on investments		158,767,877			1,105,590			38,526,622			320,650			206,712,288			1,810,071			4,913,994
Net realized and unrealized gain (loss)			212,409,318			1,290,302			56,416,589			424,474			300,908,706			1,896,338			24,691,194
Net change in net assets
	from operations	$	195,277,929		$	1,255,793		$	49,430,366		$	403,662		$	273,821,557		$	1,845,208		$	26,573,509

See Notes to the Financial Statements.

1

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A		JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I
Assets
Investments, at fair value		$	4,950,037		$	170,994,492	$	4,952,447		$	282,898,713	$	4,796,842		$	2,601,306,115		$	13,553,879
Receivables:
	Investments in Fund shares sold		60			368,827		58			19,709		57			809,024			303
	Investment Division units sold		24,500			269,164		150,000			45,211		50,000			306,838			—
Total assets			4,974,597			171,632,483		5,102,505			282,963,633		4,846,899			2,602,421,977			13,554,182
Liabilities
Payables:
	Investments in Fund shares purchased		24,500			269,164		150,000			45,211		50,000			306,838			—
	Investment Division units redeemed		—			363,433		—			11,263		—			715,617			146
	Insurance fees due to Jackson		60			5,394		58			8,446		57			93,407			157
Total liabilities			24,560			637,991		150,058			64,920		50,057			1,115,862			303
Net assets		$	4,950,037		$	170,994,492	$	4,952,447		$	282,898,713	$	4,796,842		$	2,601,306,115		$	13,553,879
Investments in Funds, shares outstanding			316,499			13,153,422		379,207			19,659,396		332,422			161,672,226			834,085
Investments in Funds, at cost		$	4,661,325		$	157,986,227	$	4,799,574		$	250,254,850	$	4,498,474		$	2,150,283,292		$	11,757,963
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A		JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A		JNL iShares Tactical Moderate Growth Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I
Investment Income
Dividends		$	89,701		$	2,869,645	$	92,675		$	5,321,622	$	105,215		$	—		$	—
Expenses
	Asset-based charges		14,495			1,672,561		14,745			2,780,577		16,901			24,091,491			42,699
Total expenses			14,495			1,672,561		14,745			2,780,577		16,901			24,091,491			42,699
Net investment income (loss)			75,206			1,197,084		77,930			2,541,045		88,314			(24,091,491	)		(42,699	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		246,331			5,282,302		150,396			13,803,002		239,012			—			—
	Investments		(2,871	)		3,042,442		(25,585	)		5,365,840		(936	)		37,028,552			279,588
Net change in unrealized appreciation
	(depreciation) on investments		169,311			2,988,191		67,633			2,874,219		168,848			375,848,969			1,402,081
Net realized and unrealized gain (loss)			412,771			11,312,935		192,444			22,043,061		406,924			412,877,521			1,681,669
Net change in net assets
	from operations	$	487,977		$	12,510,019	$	270,374		$	24,584,106	$	495,238		$	388,786,030		$	1,638,970

See Notes to the Financial Statements.

2

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A			JNL Multi-Manager Alternative Fund - Class I			JNL Multi-Manager Emerging Markets Equity Fund - Class A		JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A
Assets
Investments, at fair value		$	4,732,579,857		$	7,819,917		$	187,901,438		$	837,219		$	907,772,287	$	9,332,150		$	4,018,106
Receivables:
	Investments in Fund shares sold		2,022,152			1,240			41,869			10			797,421		10,687			27,040
	Investment Division units sold		439,552			50,000			130,826			—			126,667		—			—
Total assets			4,735,041,561			7,871,157			188,074,133			837,229			908,696,375		9,342,837			4,045,146
Liabilities
Payables:
	Investments in Fund shares purchased		439,552			50,000			130,826			—			126,667		—			—
	Investment Division units redeemed		1,851,705			1,145			36,536			—			765,050		10,576			26,935
	Insurance fees due to Jackson		170,447			95			5,333			10			32,371		111			105
Total liabilities			2,461,704			51,240			172,695			10			924,088		10,687			27,040
Net assets		$	4,732,579,857		$	7,819,917		$	187,901,438		$	837,219		$	907,772,287	$	9,332,150		$	4,018,106
Investments in Funds, shares outstanding			274,193,503			448,647			16,339,256			72,236			79,489,692		814,324			292,013
Investments in Funds, at cost		$	3,617,995,951		$	6,657,663		$	164,371,457		$	790,372		$	683,710,409	$	7,685,197		$	3,074,365
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A			JNL Multi-Manager Alternative Fund - Class I(a)			JNL Multi-Manager Emerging Markets Equity Fund - Class A		JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	10,131,567	$	110,997		$	60,404
Expenses
	Asset-based charges		47,651,089			25,420			1,350,417			1,225			8,439,818		28,273			33,077
Total expenses			47,651,089			25,420			1,350,417			1,225			8,439,818		28,273			33,077
Net investment income (loss)			(47,651,089	)		(25,420	)		(1,350,417	)		(1,225	)		1,691,749		82,724			27,327
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—		—			—
	Investments		101,696,224			390,138			2,457,748			1,706			11,994,474		(44,063	)		(327,217	)
Net change in unrealized appreciation
	(depreciation) on investments		705,246,081			772,201			22,574,802			46,847			205,699,077		1,450,316			386,669
Net realized and unrealized gain (loss)			806,942,305			1,162,339			25,032,550			48,553			217,693,551		1,406,253			59,452
Net change in net assets
	from operations	$	759,291,216		$	1,136,919		$	23,682,133		$	47,328		$	219,385,300	$	1,488,977		$	86,779

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Operations is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

3

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I			JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I
Assets
Investments, at fair value		$	256,508,960		$	5,986,121		$	2,556,139,246		$	26,498,496		$	684,397,746		$	4,765,465		$	168,253,223
Receivables:
	Investments in Fund shares sold		231,025			12,000			3,092,063			9,868			406,675			8,734			73,525
	Investment Division units sold		398,653			—			950,541			6,185			355,854			28,133			217,815
Total assets			257,138,638			5,998,121			2,560,181,850			26,514,549			685,160,275			4,802,332			168,544,563
Liabilities
Payables:
	Investments in Fund shares purchased		398,653			—			950,541			6,185			355,854			28,133			217,815
	Investment Division units redeemed		222,121			11,927			2,998,935			9,549			381,683			8,676			71,515
	Insurance fees due to Jackson		8,904			73			93,128			319			24,992			58			2,010
Total liabilities			629,678			12,000			4,042,604			16,053			762,529			36,867			291,340
Net assets		$	256,508,960		$	5,986,121		$	2,556,139,246		$	26,498,496		$	684,397,746		$	4,765,465		$	168,253,223
Investments in Funds, shares outstanding			15,785,167			365,676			54,501,903			533,491			45,474,933			314,345			10,595,291
Investments in Funds, at cost		$	206,600,430		$	4,924,047		$	1,547,759,235		$	18,828,590		$	605,908,590		$	4,146,870		$	137,588,694
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I			JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		2,532,847			17,138			26,183,375			70,764			7,577,809			13,508			480,435
Total expenses			2,532,847			17,138			26,183,375			70,764			7,577,809			13,508			480,435
Net investment income (loss)			(2,532,847	)		(17,138	)		(26,183,375	)		(70,764	)		(7,577,809	)		(13,508	)		(480,435	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		2,274,786			51,758			123,424,727			654,073			(16,945,615	)		(51,523	)		3,501,270
Net change in unrealized appreciation
	(depreciation) on investments		28,171,717			779,918			676,069,920			6,449,612			56,982,642			475,260			20,861,082
Net realized and unrealized gain (loss)			30,446,503			831,676			799,494,647			7,103,685			40,037,027			423,737			24,362,352
Net change in net assets
	from operations	$	27,913,656		$	814,538		$	773,311,272		$	7,032,921		$	32,459,218		$	410,229		$	23,881,917

See Notes to the Financial Statements.

4

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Blue Chip Income and Growth Fund - Class A			JNL/American Funds Blue Chip Income and Growth Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I			JNL/American Funds Capital World Bond Fund - Class A
Assets
Investments, at fair value		$	1,939,635,172		$	34,447,562		$	3,072,092,064		$	21,808,179		$	171,048,037		$	4,440,082		$	476,908,883
Receivables:
	Investments in Fund shares sold		435,778			1,765			1,018,942			10,337			46,823			170			380,922
	Investment Division units sold		2,558,834			435			1,152,707			—			157,475			—			268,879
Total assets			1,942,629,784			34,449,762			3,074,263,713			21,818,516			171,252,335			4,440,252			477,558,684
Liabilities
Payables:
	Investments in Fund shares purchased		2,558,834			435			1,152,707			—			157,475			—			268,879
	Investment Division units redeemed		365,849			1,346			905,971			10,077			40,913			117			363,268
	Insurance fees due to Jackson		69,929			419			112,971			260			5,910			53			17,654
Total liabilities			2,994,612			2,200			2,171,649			10,337			204,298			170			649,801
Net assets		$	1,939,635,172		$	34,447,562		$	3,072,092,064		$	21,808,179		$	171,048,037		$	4,440,082		$	476,908,883
Investments in Funds, shares outstanding			139,141,691			2,372,422			116,367,124			809,810			14,886,687			383,427			38,491,435
Investments in Funds, at cost		$	1,612,648,549		$	29,320,330		$	2,123,580,651		$	18,523,863		$	154,290,538		$	3,895,295		$	420,814,759
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Blue Chip Income and Growth Fund - Class A			JNL/American Funds Blue Chip Income and Growth Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I			JNL/American Funds Capital World Bond Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		20,837,557			119,206			37,330,820			69,690			1,685,523			15,040			6,144,786
Total expenses			20,837,557			119,206			37,330,820			69,690			1,685,523			15,040			6,144,786
Net investment income (loss)			(20,837,557	)		(119,206	)		(37,330,820	)		(69,690	)		(1,685,523	)		(15,040	)		(6,144,786	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		23,662,129			625,548			132,443,723			78,253			(1,513,614	)		54,255			7,396,129
Net change in unrealized appreciation
	(depreciation) on investments		172,807,667			3,501,875			94,864,446			1,961,518			8,204,779			276,562			32,075,622
Net realized and unrealized gain (loss)			196,469,796			4,127,423			227,308,169			2,039,771			6,691,165			330,817			39,471,751
Net change in net assets
	from operations	$	175,632,239		$	4,008,217		$	189,977,349		$	1,970,081		$	5,005,642		$	315,777		$	33,326,965

See Notes to the Financial Statements.

5

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A			JNL/American Funds Growth Allocation Fund - Class I
Assets
Investments, at fair value		$	3,432,739		$	704,354,562		$	15,256,478		$	828,061,541		$	7,401,052		$	3,315,195,593		$	31,038,857
Receivables:
	Investments in Fund shares sold		42			695,424			34,053			525,891			247			730,647			377
	Investment Division units sold		—			573,546			—			380,344			—			2,655,321			—
Total assets			3,432,781			705,623,532			15,290,531			828,967,776			7,401,299			3,318,581,561			31,039,234
Liabilities
Payables:
	Investments in Fund shares purchased		—			573,546			—			380,344			—			2,655,321			—
	Investment Division units redeemed		—			672,327			33,869			495,604			158			612,137			—
	Insurance fees due to Jackson		42			23,097			184			30,287			89			118,510			377
Total liabilities			42			1,268,970			34,053			906,235			247			3,385,968			377
Net assets		$	3,432,739		$	704,354,562		$	15,256,478		$	828,061,541		$	7,401,052		$	3,315,195,593		$	31,038,857
Investments in Funds, shares outstanding			273,090			31,028,835			666,222			38,550,351			337,639			144,894,912			1,342,511
Investments in Funds, at cost		$	3,133,718		$	507,383,130		$	11,651,545		$	551,129,354		$	5,384,761		$	2,284,161,438		$	24,827,143
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A			JNL/American Funds Growth Allocation Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		11,461			6,063,698			43,162			8,851,403			21,823			36,017,425			93,262
Total expenses			11,461			6,063,698			43,162			8,851,403			21,823			36,017,425			93,262
Net investment income (loss)			(11,461	)		(6,063,698	)		(43,162	)		(8,851,403	)		(21,823	)		(36,017,425	)		(93,262	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		38,398			26,259,419			475,714			25,874,905			93,158			117,019,950			641,422
Net change in unrealized appreciation
	(depreciation) on investments		213,019			123,413,273			2,707,921			154,565,080			1,438,910			427,467,751			4,257,647
Net realized and unrealized gain (loss)			251,417			149,672,692			3,183,635			180,439,985			1,532,068			544,487,701			4,899,069
Net change in net assets
	from operations	$	239,956		$	143,608,994		$	3,140,473		$	171,588,582		$	1,510,245		$	508,470,276		$	4,805,807

See Notes to the Financial Statements.

6

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I			JNL/American Funds Moderate Growth Allocation Fund - Class A
Assets
Investments, at fair value		$	2,879,864,182		$	49,947,950		$	8,098,564,550		$	83,624,164		$	1,830,899,466		$	13,517,058		$	2,668,913,724
Receivables:
	Investments in Fund shares sold		2,075,798			149,621			3,895,712			2,879			691,195			75,070			2,238,048
	Investment Division units sold		3,666,214			82,719			3,622,508			153,807			269,849			—			1,983,557
Total assets			2,885,606,194			50,180,290			8,106,082,770			83,780,850			1,831,860,510			13,592,128			2,673,135,329
Liabilities
Payables:
	Investments in Fund shares purchased		3,666,214			82,719			3,622,508			153,807			269,849			—			1,983,557
	Investment Division units redeemed		1,977,394			149,012			3,609,056			1,879			625,549			74,906			2,141,415
	Insurance fees due to Jackson		98,404			609			286,656			1,000			65,646			164			96,633
Total liabilities			5,742,012			232,340			7,518,220			156,686			961,044			75,070			4,221,605
Net assets		$	2,879,864,182		$	49,947,950		$	8,098,564,550		$	83,624,164		$	1,830,899,466		$	13,517,058		$	2,668,913,724
Investments in Funds, shares outstanding			68,307,974			1,172,487			262,004,676			2,652,209			104,087,519			754,721			134,929,915
Investments in Funds, at cost		$	1,940,171,510		$	35,771,833		$	5,376,943,949		$	68,798,876		$	1,394,188,793		$	11,130,519		$	1,894,926,879
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I			JNL/American Funds Moderate Growth Allocation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		21,314,511			135,201			92,024,829			266,435			20,850,920			44,047			30,545,245
Total expenses			21,314,511			135,201			92,024,829			266,435			20,850,920			44,047			30,545,245
Net investment income (loss)			(21,314,511	)		(135,201	)		(92,024,829	)		(266,435	)		(20,850,920	)		(44,047	)		(30,545,245	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		124,459,826			3,377,912			386,413,385			1,283,456			22,361,789			(188,133	)		88,791,531
Net change in unrealized appreciation
	(depreciation) on investments		714,194,131			11,393,047			524,023,159			8,619,131			176,238,743			1,765,627			292,947,334
Net realized and unrealized gain (loss)			838,653,957			14,770,959			910,436,544			9,902,587			198,600,532			1,577,494			381,738,865
Net change in net assets
	from operations	$	817,339,446		$	14,635,758		$	818,411,715		$	9,636,152		$	177,749,612		$	1,533,447		$	351,193,620

See Notes to the Financial Statements.

7

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A			JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I
Assets
Investments, at fair value		$	19,610,060		$	1,553,488,802		$	20,082,711		$	51,336,283		$	1,642,445		$	265,078,060		$	979,353
Receivables:
	Investments in Fund shares sold		284			1,020,889			4,723			11,633			20			307,629			12
	Investment Division units sold		150,000			552,387			86,845			72,980			—			11,452			—
Total assets			19,760,344			1,555,062,078			20,174,279			51,420,896			1,642,465			265,397,141			979,365
Liabilities
Payables:
	Investments in Fund shares purchased		150,000			552,387			86,845			72,980			—			11,452			—
	Investment Division units redeemed		47			963,749			4,484			9,863			—			297,848			—
	Insurance fees due to Jackson		237			57,140			239			1,770			20			9,781			12
Total liabilities			150,284			1,573,276			91,568			84,613			20			319,081			12
Net assets		$	19,610,060		$	1,553,488,802		$	20,082,711		$	51,336,283		$	1,642,445		$	265,078,060		$	979,353
Investments in Funds, shares outstanding			981,484			87,668,668			1,115,087			4,292,331			136,756			17,707,285			64,052
Investments in Funds, at cost		$	15,707,667		$	1,066,149,810		$	15,337,518		$	44,854,351		$	1,433,618		$	202,706,004		$	807,459
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A			JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		72,981			17,560,421			61,060			502,328			5,097			3,370,306			4,178
Total expenses			72,981			17,560,421			61,060			502,328			5,097			3,370,306			4,178
Net investment income (loss)			(72,981	)		(17,560,421	)		(61,060	)		(502,328	)		(5,097	)		(3,370,306	)		(4,178	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		59,155			49,795,205			202,334			571,643			26,292			7,787,988			(23,424	)
Net change in unrealized appreciation
	(depreciation) on investments		2,557,338			230,018,516			3,336,965			4,843,895			179,795			17,009,197			63,239
Net realized and unrealized gain (loss)			2,616,493			279,813,721			3,539,299			5,415,538			206,087			24,797,185			39,815
Net change in net assets
	from operations	$	2,543,512		$	262,253,300		$	3,478,239		$	4,913,210		$	200,990		$	21,426,879		$	35,637

See Notes to the Financial Statements.

8

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/AQR Managed Futures Strategy Fund - Class A			JNL/BlackRock Advantage International Fund - Class A			JNL/BlackRock Advantage International Fund - Class I		JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A			JNL/BlackRock Global Natural Resources Fund - Class I
Assets
Investments, at fair value		$	68,461,255		$	12,956,243		$	591,665	$	3,536,425,079		$	19,084,491		$	634,835,144		$	2,446,915
Receivables:
	Investments in Fund shares sold		85,840			15,251			7		3,302,447			704			422,518			55
	Investment Division units sold		67,274			1,115			—		407,429			6,596			163,364			5,225
Total assets			68,614,369			12,972,609			591,672		3,540,134,955			19,091,791			635,421,026			2,452,195
Liabilities
Payables:
	Investments in Fund shares purchased		67,274			1,115			—		407,429			6,596			163,364			5,225
	Investment Division units redeemed		83,863			14,806			—		3,175,029			478			399,847			26
	Insurance fees due to Jackson		1,977			445			7		127,418			226			22,671			29
Total liabilities			153,114			16,366			7		3,709,876			7,300			585,882			5,280
Net assets		$	68,461,255		$	12,956,243		$	591,665	$	3,536,425,079		$	19,084,491		$	634,835,144		$	2,446,915
Investments in Funds, shares outstanding			9,189,430			1,155,775			52,639		222,556,644			1,183,901			74,686,487			283,865
Investments in Funds, at cost		$	84,504,823		$	11,146,706		$	534,254	$	2,644,612,500		$	15,236,461		$	617,033,324		$	2,177,989
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/AQR Managed Futures Strategy Fund - Class A			JNL/BlackRock Advantage International Fund - Class A			JNL/BlackRock Advantage International Fund - Class I		JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A			JNL/BlackRock Global Natural Resources Fund - Class I
Investment Income
Dividends		$	—		$	31,021		$	2,462	$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		793,324			90,036			1,370		42,850,784			68,325			7,109,555			8,817
Total expenses			793,324			90,036			1,370		42,850,784			68,325			7,109,555			8,817
Net investment income (loss)			(793,324	)		(59,015	)		1,092		(42,850,784	)		(68,325	)		(7,109,555	)		(8,817	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—		—			—			—			—
	Investments		(6,974,518	)		(41,756	)		7,381		90,597,250			486,249			(37,987,501	)		(124,213	)
Net change in unrealized appreciation
	(depreciation) on investments		5,560,098			1,653,980			53,150		473,105,946			2,563,904			75,988,035			121,128
Net realized and unrealized gain (loss)			(1,414,420	)		1,612,224			60,531		563,703,196			3,050,153			38,000,534			(3,085	)
Net change in net assets
	from operations	$	(2,207,744	)	$	1,553,209		$	61,623	$	520,852,412		$	2,981,828		$	30,890,979		$	(11,902	)

See Notes to the Financial Statements.

9

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Boston Partners Global Long Short Equity Fund - Class A			JNL/Boston Partners Global Long Short Equity Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A
Assets
Investments, at fair value		$	3,903,352,488		$	39,167,331		$	37,722,227		$	826,751		$	454,044,918		$	3,752,522		$	425,030,833
Receivables:
	Investments in Fund shares sold		6,312,111			8,005			83,273			10			311,674			5,200			560,519
	Investment Division units sold		1,865,619			19,910			22,915			—			136,101			30,770			194,343
Total assets			3,911,530,218			39,195,246			37,828,415			826,761			454,492,693			3,788,492			425,785,695
Liabilities
Payables:
	Investments in Fund shares purchased		1,865,619			19,910			22,915			—			136,101			30,770			194,343
	Investment Division units redeemed		6,168,519			7,527			82,159			—			294,778			5,155			545,859
	Insurance fees due to Jackson		143,592			478			1,114			10			16,896			45			14,660
Total liabilities			8,177,730			27,915			106,188			10			447,775			35,970			754,862
Net assets		$	3,903,352,488		$	39,167,331		$	37,722,227		$	826,751		$	454,044,918		$	3,752,522		$	425,030,833
Investments in Funds, shares outstanding			62,704,458			599,164			3,716,476			80,580			29,388,021			236,008			22,838,841
Investments in Funds, at cost		$	2,423,900,422		$	29,930,560		$	36,570,943		$	792,156		$	432,789,998		$	3,454,784		$	315,163,481
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Boston Partners Global Long Short Equity Fund - Class A			JNL/Boston Partners Global Long Short Equity Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	18,163,468		$	124,156		$	—
Expenses
	Asset-based charges		44,024,154			121,774			393,629			2,299			5,288,691			9,870			4,312,392
Total expenses			44,024,154			121,774			393,629			2,299			5,288,691			9,870			4,312,392
Net investment income (loss)			(44,024,154	)		(121,774	)		(393,629	)		(2,299	)		12,874,777			114,286			(4,312,392	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		306,762,884			2,453,431			(1,839,410	)		(16,828	)		(18,212,551	)		(130,232	)		26,480,182
Net change in unrealized appreciation
	(depreciation) on investments		775,187,684			7,085,612			1,454,538			36,141			20,795,067			304,103			71,266,558
Net realized and unrealized gain (loss)			1,081,950,568			9,539,043			(384,872	)		19,313			2,582,516			173,871			97,746,740
Net change in net assets
	from operations	$	1,037,926,414		$	9,417,269		$	(778,501	)	$	17,014		$	15,457,293		$	288,157		$	93,434,348

See Notes to the Financial Statements.

10

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/ClearBridge Large Cap Growth Fund - Class I			JNL/DFA Growth Allocation Fund - Class A		JNL/DFA Growth Allocation Fund - Class I			JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I		JNL/DFA Moderate Growth Allocation Fund - Class A		JNL/DFA Moderate Growth Allocation Fund - Class I
Assets
Investments, at fair value		$	17,294,208		$	236,981,334	$	6,280,614		$	33,746,496		$	2,633,143	$	201,786,095	$	6,617,526
Receivables:
	Investments in Fund shares sold		4,009			20,464		76			1,791			32		31,956		79
	Investment Division units sold		—			92,725		—			136,304			—		15,042		—
Total assets			17,298,217			237,094,523		6,280,690			33,884,591			2,633,175		201,833,093		6,617,605
Liabilities
Payables:
	Investments in Fund shares purchased		—			92,725		—			136,304			—		15,042		—
	Investment Division units redeemed		3,803			12,229		—			691			—		24,896		—
	Insurance fees due to Jackson		206			8,235		76			1,100			32		7,060		79
Total liabilities			4,009			113,189		76			138,095			32		46,998		79
Net assets		$	17,294,208		$	236,981,334	$	6,280,614		$	33,746,496		$	2,633,143	$	201,786,095	$	6,617,526
Investments in Funds, shares outstanding			920,884			18,822,981		496,491			2,934,478			227,781		16,286,206		530,250
Investments in Funds, at cost		$	13,416,544		$	201,900,472	$	5,479,730		$	28,649,579		$	2,202,588	$	176,589,688	$	5,802,200
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/ClearBridge Large Cap Growth Fund - Class I			JNL/DFA Growth Allocation Fund - Class A		JNL/DFA Growth Allocation Fund - Class I			JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I		JNL/DFA Moderate Growth Allocation Fund - Class A		JNL/DFA Moderate Growth Allocation Fund - Class I
Investment Income
Dividends		$	—		$	2,893,687	$	92,652		$	169,692		$	13,317	$	2,375,656	$	95,784
Expenses
	Asset-based charges		52,968			2,548,592		25,491			236,692			6,366		2,076,345		24,510
Total expenses			52,968			2,548,592		25,491			236,692			6,366		2,076,345		24,510
Net investment income (loss)			(52,968	)		345,095		67,161			(67,000	)		6,951		299,311		71,274
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—		—			22,269			1,666		—		—
	Investments		735,224			1,314,384		(32,662	)		748,588			23,740		314,594		42,394
Net change in unrealized appreciation
	(depreciation) on investments		2,927,223			20,266,599		468,219			4,579,018			417,973		15,482,741		465,007
Net realized and unrealized gain (loss)			3,662,447			21,580,983		435,557			5,349,875			443,379		15,797,335		507,401
Net change in net assets
	from operations	$	3,609,479		$	21,926,078	$	502,718		$	5,282,875		$	450,330	$	16,096,646	$	578,675

See Notes to the Financial Statements.

11

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A			JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
Assets
Investments, at fair value		$	1,148,586,587		$	13,040,342		$	190,994,990		$	6,908,434		$	2,472,208,780		$	21,761,340		$	145,976,825
Receivables:
	Investments in Fund shares sold		399,991			3,097			171,870			1,470			1,663,776			2,159			127,754
	Investment Division units sold		145,990			45,820			97,130			49,294			891,497			93,222			47,545
Total assets			1,149,132,568			13,089,259			191,263,990			6,959,198			2,474,764,053			21,856,721			146,152,124
Liabilities
Payables:
	Investments in Fund shares purchased		145,990			45,820			97,130			49,294			891,497			93,222			47,545
	Investment Division units redeemed		358,922			2,940			165,634			1,387			1,573,100			1,904			122,669
	Insurance fees due to Jackson		41,069			157			6,236			83			90,676			255			5,085
Total liabilities			545,981			48,917			269,000			50,764			2,555,273			95,381			175,299
Net assets		$	1,148,586,587		$	13,040,342		$	190,994,990		$	6,908,434		$	2,472,208,780		$	21,761,340		$	145,976,825
Investments in Funds, shares outstanding			62,119,339			659,936			20,405,448			735,722			178,627,802			1,450,756			11,965,314
Investments in Funds, at cost		$	776,746,040		$	10,270,845		$	165,141,310		$	5,838,092		$	2,297,639,762		$	20,833,313		$	130,056,980
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A			JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		13,589,046			43,810			1,669,621			21,641			33,604,042			73,698			1,386,073
Total expenses			13,589,046			43,810			1,669,621			21,641			33,604,042			73,698			1,386,073
Net investment income (loss)			(13,589,046	)		(43,810	)		(1,669,621	)		(21,641	)		(33,604,042	)		(73,698	)		(1,386,073	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		62,992,552			290,573			(9,304,802	)		(480,543	)		22,452,986			83,665			1,214,984
Net change in unrealized appreciation
	(depreciation) on investments		88,734,555			1,793,102			36,651,205			1,311,311			96,152,819			857,072			14,027,131
Net realized and unrealized gain (loss)			151,727,107			2,083,675			27,346,403			830,768			118,605,805			940,737			15,242,115
Net change in net assets
	from operations	$	138,138,061		$	2,039,865		$	25,676,782		$	809,127		$	85,001,763		$	867,039		$	13,856,042

See Notes to the Financial Statements.

12

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
Assets
Investments, at fair value		$	2,539,231		$	1,489,201,769		$	22,808,321		$	955,655,403		$	12,877,302		$	986,279,858		$	8,115,872
Receivables:
	Investments in Fund shares sold		102			893,126			70,273			504,386			172			283,222			267
	Investment Division units sold		24,647			1,415,368			—			851,062			20,433			737,694			451,023
Total assets			2,563,980			1,491,510,263			22,878,594			957,010,851			12,897,907			987,300,774			8,567,162
Liabilities
Payables:
	Investments in Fund shares purchased		24,647			1,415,368			—			851,062			20,433			737,694			451,023
	Investment Division units redeemed		71			840,403			69,996			471,440			18			246,629			176
	Insurance fees due to Jackson		31			52,723			277			32,946			154			36,593			91
Total liabilities			24,749			2,308,494			70,273			1,355,448			20,605			1,020,916			451,290
Net assets		$	2,539,231		$	1,489,201,769		$	22,808,321		$	955,655,403		$	12,877,302		$	986,279,858		$	8,115,872
Investments in Funds, shares outstanding			210,550			77,887,122			1,183,618			82,597,701			1,107,249			75,751,141			610,216
Investments in Funds, at cost		$	2,355,653		$	1,162,591,142		$	18,366,208		$	910,726,599		$	12,531,848		$	917,290,507		$	7,685,050
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		9,367			16,657,541			74,371			12,538,860			49,807			12,113,592			27,893
Total expenses			9,367			16,657,541			74,371			12,538,860			49,807			12,113,592			27,893
Net investment income (loss)			(9,367	)		(16,657,541	)		(74,371	)		(12,538,860	)		(49,807	)		(12,113,592	)		(27,893	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(7,424	)		12,196,744			329,885			14,596,764			241,762			11,141,134			161,515
Net change in unrealized appreciation
	(depreciation) on investments		86,877			159,504,205			2,859,222			9,481,768			66,799			57,456,602			326,675
Net realized and unrealized gain (loss)			79,453			171,700,949			3,189,107			24,078,532			308,561			68,597,736			488,190
Net change in net assets
	from operations	$	70,086		$	155,043,408		$	3,114,736		$	11,539,672		$	258,754		$	56,484,144		$	460,297

See Notes to the Financial Statements.

13

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/First State Global Infrastructure Fund - Class A			JNL/First State Global Infrastructure Fund - Class I			JNL/Franklin Templeton Global Multisector Bond Fund - Class A			JNL/Franklin Templeton Global Multisector Bond Fund - Class I			JNL/Franklin Templeton Growth Allocation Fund - Class A			JNL/Franklin Templeton Growth Allocation Fund - Class I			JNL/Franklin Templeton Income Fund - Class A
Assets
Investments, at fair value		$	577,953,316		$	2,413,165		$	508,280,258		$	3,587,821		$	1,096,891,627		$	1,295,859		$	1,510,434,082
Receivables:
	Investments in Fund shares sold		246,352			22,981			701,483			301			520,989			15			791,961
	Investment Division units sold		273,287			—			187,634			6,190			109,593			—			574,275
Total assets			578,472,955			2,436,146			509,169,375			3,594,312			1,097,522,209			1,295,874			1,511,800,318
Liabilities
Payables:
	Investments in Fund shares purchased		273,287			—			187,634			6,190			109,593			—			574,275
	Investment Division units redeemed		225,841			22,952			683,562			259			479,287			—			736,724
	Insurance fees due to Jackson		20,511			29			17,921			42			41,702			15			55,237
Total liabilities			519,639			22,981			889,117			6,491			630,582			15			1,366,236
Net assets		$	577,953,316		$	2,413,165		$	508,280,258		$	3,587,821		$	1,096,891,627		$	1,295,859		$	1,510,434,082
Investments in Funds, shares outstanding			37,432,210			154,591			64,666,699			451,298			66,197,443			77,457			117,910,545
Investments in Funds, at cost		$	527,874,504		$	2,281,979		$	654,684,292		$	4,369,509		$	742,772,657		$	1,089,139		$	1,347,193,221
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/First State Global Infrastructure Fund - Class A			JNL/First State Global Infrastructure Fund - Class I			JNL/Franklin Templeton Global Multisector Bond Fund - Class A			JNL/Franklin Templeton Global Multisector Bond Fund - Class I			JNL/Franklin Templeton Growth Allocation Fund - Class A			JNL/Franklin Templeton Growth Allocation Fund - Class I			JNL/Franklin Templeton Income Fund - Class A
Investment Income
Dividends		$	—		$	—		$	73,935,387		$	513,012		$	—		$	—		$	—
Expenses
	Asset-based charges		7,668,445			8,188			6,859,036			13,592			14,390,234			6,872			20,015,169
Total expenses			7,668,445			8,188			6,859,036			13,592			14,390,234			6,872			20,015,169
Net investment income (loss)			(7,668,445	)		(8,188	)		67,076,351			499,420			(14,390,234	)		(6,872	)		(20,015,169	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		3,357,780			22,488			(27,655,559	)		(127,562	)		50,090,176			109,476			5,752,060
Net change in unrealized appreciation
	(depreciation) on investments		(37,911,886	)		(64,117	)		(84,380,949	)		(551,480	)		56,345,034			113,618			(15,147,287	)
Net realized and unrealized gain (loss)			(34,554,106	)		(41,629	)		(112,036,508	)		(679,042	)		106,435,210			223,094			(9,395,227	)
Net change in net assets
	from operations	$	(42,222,551	)	$	(49,817	)	$	(44,960,157	)	$	(179,622	)	$	92,044,976		$	216,222		$	(29,410,396	)

See Notes to the Financial Statements.

14

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Franklin Templeton Income Fund - Class I			JNL/Franklin Templeton International Small Cap Fund - Class A			JNL/Franklin Templeton International Small Cap Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A			JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Competitive Advantage Fund - Class A			JNL/Goldman Sachs Competitive Advantage Fund - Class I
Assets
Investments, at fair value		$	4,645,445		$	474,410,648		$	2,981,468		$	5,059,491,875		$	16,416,962		$	933,081,811		$	3,910,785
Receivables:
	Investments in Fund shares sold		129			147,843			5,585			4,178,927			58,272			857,391			8,186
	Investment Division units sold		700			268,111			7,602			2,056,012			—			246,406			—
Total assets			4,646,274			474,826,602			2,994,655			5,065,726,814			16,475,234			934,185,608			3,918,971
Liabilities
Payables:
	Investments in Fund shares purchased		700			268,111			7,602			2,056,012			—			246,406			—
	Investment Division units redeemed		73			130,770			5,549			3,996,016			58,075			823,018			8,139
	Insurance fees due to Jackson		56			17,073			36			182,911			197			34,373			47
Total liabilities			829			415,954			13,187			6,234,939			58,272			1,103,797			8,186
Net assets		$	4,645,445		$	474,410,648		$	2,981,468		$	5,059,491,875		$	16,416,962		$	933,081,811		$	3,910,785
Investments in Funds, shares outstanding			377,372			51,066,808			317,177			202,379,675			650,177			44,138,212			183,347
Investments in Funds, at cost		$	4,306,288		$	484,972,887		$	2,884,680		$	3,553,641,119		$	13,844,392		$	720,492,148		$	3,348,096
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Franklin Templeton Income Fund - Class I			JNL/Franklin Templeton International Small Cap Fund - Class A			JNL/Franklin Templeton International Small Cap Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A			JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Competitive Advantage Fund - Class A			JNL/Goldman Sachs Competitive Advantage Fund - Class I
Investment Income
Dividends		$	—		$	7,639,185		$	56,379		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		14,798			5,731,588			10,060			64,180,640			56,028			11,697,183			12,818
Total expenses			14,798			5,731,588			10,060			64,180,640			56,028			11,697,183			12,818
Net investment income (loss)			(14,798	)		1,907,597			46,319			(64,180,640	)		(56,028	)		(11,697,183	)		(12,818	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			1,826,659			11,116			—			—			—			—
	Investments		(20,557	)		(30,042,552	)		(153,870	)		252,010,225			(64,190	)		20,410,975			48,787
Net change in unrealized appreciation
	(depreciation) on investments		159,077			(8,098,084	)		111,183			(152,158,311	)		1,301,270			122,327,656			559,297
Net realized and unrealized gain (loss)			138,520			(36,313,977	)		(31,571	)		99,851,914			1,237,080			142,738,631			608,084
Net change in net assets
	from operations	$	123,722		$	(34,406,380	)	$	14,748		$	35,671,274		$	1,181,052		$	131,041,448		$	595,266

See Notes to the Financial Statements.

15

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Goldman Sachs Dividend Income & Growth Fund - Class A			JNL/Goldman Sachs Dividend Income & Growth Fund - Class I			JNL/Goldman Sachs International 5 Fund - Class A			JNL/Goldman Sachs International 5 Fund - Class I			JNL/Goldman Sachs Intrinsic Value Fund - Class A			JNL/Goldman Sachs Intrinsic Value Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
Assets
Investments, at fair value		$	2,719,187,245		$	15,867,516		$	54,442,900		$	1,396,711		$	599,313,517		$	4,002,130		$	2,362,130,568
Receivables:
	Investments in Fund shares sold		1,501,338			279			12,055			17			3,431,417			413			1,522,035
	Investment Division units sold		725,846			10,201			10,125			6,974			74,755			1,674			521,922
Total assets			2,721,414,429			15,877,996			54,465,080			1,403,702			602,819,689			4,004,217			2,364,174,525
Liabilities
Payables:
	Investments in Fund shares purchased		725,846			10,201			10,125			6,974			74,755			1,674			521,922
	Investment Division units redeemed		1,401,854			89			10,385			—			3,409,265			365			1,433,301
	Insurance fees due to Jackson		99,484			190			1,670			17			22,152			48			88,734
Total liabilities			2,227,184			10,480			22,180			6,991			3,506,172			2,087			2,043,957
Net assets		$	2,719,187,245		$	15,867,516		$	54,442,900		$	1,396,711		$	599,313,517		$	4,002,130		$	2,362,130,568
Investments in Funds, shares outstanding			184,476,747			1,055,723			5,229,866			133,657			42,534,671			277,733			74,869,432
Investments in Funds, at cost		$	2,679,343,687		$	15,382,500		$	50,232,424		$	1,349,943		$	593,388,883		$	3,800,259		$	1,383,563,083
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Goldman Sachs Dividend Income & Growth Fund - Class A			JNL/Goldman Sachs Dividend Income & Growth Fund - Class I			JNL/Goldman Sachs International 5 Fund - Class A			JNL/Goldman Sachs International 5 Fund - Class I			JNL/Goldman Sachs Intrinsic Value Fund - Class A			JNL/Goldman Sachs Intrinsic Value Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		35,820,528			53,464			561,314			5,576			7,519,439			14,475			28,543,804
Total expenses			35,820,528			53,464			561,314			5,576			7,519,439			14,475			28,543,804
Net investment income (loss)			(35,820,528	)		(53,464	)		(561,314	)		(5,576	)		(7,519,439	)		(14,475	)		(28,543,804	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(104,725,423	)		(868,869	)		(3,742,812	)		(75,318	)		(37,347,368	)		(208,726	)		152,907,827
Net change in unrealized appreciation
	(depreciation) on investments		(74,647,000	)		581,693			2,687,335			45,535			23,775,877			381,539			246,012,251
Net realized and unrealized gain (loss)			(179,372,423	)		(287,176	)		(1,055,477	)		(29,783	)		(13,571,491	)		172,813			398,920,078
Net change in net assets
	from operations	$	(215,192,951	)	$	(340,640	)	$	(1,616,791	)	$	(35,359	)	$	(21,090,930	)	$	158,338		$	370,376,274

See Notes to the Financial Statements.

16

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I			JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I
Assets
Investments, at fair value		$	11,611,445		$	1,126,754,956		$	1,975,634		$	5,235,494,559		$	14,268,793		$	2,619,722,662		$	4,289,352
Receivables:
	Investments in Fund shares sold		177			467,785			24			2,502,525			292			1,402,842			51
	Investment Division units sold		—			106,666			—			1,029,353			—			129,990			—
Total assets			11,611,622			1,127,329,407			1,975,658			5,239,026,437			14,269,085			2,621,255,494			4,289,403
Liabilities
Payables:
	Investments in Fund shares purchased		—			106,666			—			1,029,353			—			129,990			—
	Investment Division units redeemed		35			425,043			—			2,305,014			120			1,303,663			—
	Insurance fees due to Jackson		142			42,742			24			197,511			172			99,179			51
Total liabilities			177			574,451			24			3,531,878			292			1,532,832			51
Net assets		$	11,611,445		$	1,126,754,956		$	1,975,634		$	5,235,494,559		$	14,268,793		$	2,619,722,662		$	4,289,352
Investments in Funds, shares outstanding			364,452			71,133,520			123,864			199,828,037			539,463			136,231,028			220,873
Investments in Funds, at cost		$	9,096,687		$	913,226,221		$	1,820,951		$	2,988,540,727		$	11,734,961		$	1,798,422,552		$	3,563,998
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I			JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		45,562			15,326,849			8,279			65,787,631			44,754			34,929,289			16,994
Total expenses			45,562			15,326,849			8,279			65,787,631			44,754			34,929,289			16,994
Net investment income (loss)			(45,562	)		(15,326,849	)		(8,279	)		(65,787,631	)		(44,754	)		(34,929,289	)		(16,994	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		280,771			43,448,006			(160,941	)		352,844,697			382,272			119,581,220			175,746
Net change in unrealized appreciation
	(depreciation) on investments		1,390,290			47,475,157			63,307			470,279,429			1,638,870			169,679,483			419,221
Net realized and unrealized gain (loss)			1,671,061			90,923,163			(97,634	)		823,124,126			2,021,142			289,260,703			594,967
Net change in net assets
	from operations	$	1,625,499		$	75,596,314		$	(105,913	)	$	757,336,495		$	1,976,388		$	254,331,414		$	577,973

See Notes to the Financial Statements.

17

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/Goldman Sachs Total Yield Fund - Class A			JNL/Goldman Sachs Total Yield Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Assets
Investments, at fair value		$	5,342,095,296		$	5,498,099		$	340,889,787		$	1,397,626		$	211,657,046		$	8,210,342		$	395,824,809
Receivables:
	Investments in Fund shares sold		1,423,426			205			234,292			17			111,588			122			320,526
	Investment Division units sold		400,150			—			1,265,703			2,002			468,839			24,647			41,030
Total assets			5,343,918,872			5,498,304			342,389,782			1,399,645			212,237,473			8,235,111			396,186,365
Liabilities
Payables:
	Investments in Fund shares purchased		400,150			—			1,265,703			2,002			468,839			24,647			41,030
	Investment Division units redeemed		1,221,573			140			221,887			—			104,050			23			307,207
	Insurance fees due to Jackson		201,853			65			12,405			17			7,538			99			13,319
Total liabilities			1,823,576			205			1,499,995			2,019			580,427			24,769			361,556
Net assets		$	5,342,095,296		$	5,498,099		$	340,889,787		$	1,397,626		$	211,657,046		$	8,210,342		$	395,824,809
Investments in Funds, shares outstanding			232,771,037			237,089			25,139,365			102,240			14,749,620			566,621			33,318,587
Investments in Funds, at cost		$	3,304,042,372		$	4,395,676		$	329,609,807		$	1,249,857		$	169,279,582		$	6,570,978		$	370,416,089
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/Goldman Sachs Total Yield Fund - Class A			JNL/Goldman Sachs Total Yield Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	11,422,122
Expenses
	Asset-based charges		68,947,014			24,985			4,215,133			3,733			1,462,880			18,996			4,265,977
Total expenses			68,947,014			24,985			4,215,133			3,733			1,462,880			18,996			4,265,977
Net investment income (loss)			(68,947,014	)		(24,985	)		(4,215,133	)		(3,733	)		(1,462,880	)		(18,996	)		7,156,145
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		298,969,982			646,903			(17,175,890	)		(46,459	)		3,267,305			132,965			(23,468,350	)
Net change in unrealized appreciation
	(depreciation) on investments		411,916,872			517,006			17,731,709			157,207			37,018,436			1,376,891			41,486,540
Net realized and unrealized gain (loss)			710,886,854			1,163,909			555,819			110,748			40,285,741			1,509,856			18,018,190
Net change in net assets
	from operations	$	641,939,840		$	1,138,924		$	(3,659,314	)	$	107,015		$	38,822,861		$	1,490,860		$	25,174,335

See Notes to the Financial Statements.

18

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Assets
Investments, at fair value		$	5,458,520		$	30,399,784		$	917,233		$	108,424,924		$	3,297,873		$	1,759,003,763		$	13,349,344
Receivables:
	Investments in Fund shares sold		63,978			11,274			11			11,708			205			1,057,891			1,636
	Investment Division units sold		—			61,008			—			130,528			—			174,274			—
Total assets			5,522,498			30,472,066			917,244			108,567,160			3,298,078			1,760,235,928			13,350,980
Liabilities
Payables:
	Investments in Fund shares purchased		—			61,008			—			130,528			—			174,274			—
	Investment Division units redeemed		63,912			10,198			—			7,929			165			991,766			1,478
	Insurance fees due to Jackson		66			1,076			11			3,779			40			66,125			158
Total liabilities			63,978			72,282			11			142,236			205			1,232,165			1,636
Net assets		$	5,458,520		$	30,399,784		$	917,233		$	108,424,924		$	3,297,873		$	1,759,003,763		$	13,349,344
Investments in Funds, shares outstanding			458,699			3,043,021			91,267			9,363,120			282,111			73,078,677			542,436
Investments in Funds, at cost		$	4,721,982		$	32,616,582		$	991,051		$	97,019,032		$	3,010,674		$	1,159,813,086		$	10,171,674
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Investment Income
Dividends		$	180,584		$	524,360		$	16,533		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		16,403			379,366			2,825			1,237,871			10,966			21,472,593			46,455
Total expenses			16,403			379,366			2,825			1,237,871			10,966			21,472,593			46,455
Net investment income (loss)			164,181			144,994			13,708			(1,237,871	)		(10,966	)		(21,472,593	)		(46,455	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			2,652,580			76,803			—			—			—			—
	Investments		(172,068	)		(1,920,264	)		(9,354	)		(1,336,691	)		(30,250	)		78,195,089			163,125
Net change in unrealized appreciation
	(depreciation) on investments		711,449			(3,172,421	)		(106,505	)		3,383,003			92,748			307,699,646			2,880,796
Net realized and unrealized gain (loss)			539,381			(2,440,105	)		(39,056	)		2,046,312			62,498			385,894,735			3,043,921
Net change in net assets
	from operations	$	703,562		$	(2,295,111	)	$	(25,348	)	$	808,441		$	51,532		$	364,422,142		$	2,997,466

See Notes to the Financial Statements.

19

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Invesco Global Real Estate Fund - Class A			JNL/Invesco Global Real Estate Fund - Class I			JNL/Invesco International Growth Fund - Class A		JNL/Invesco International Growth Fund - Class I			JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A
Assets
Investments, at fair value		$	839,871,140		$	2,660,274		$	841,335,800	$	4,547,843		$	2,328,186,949		$	19,230,910		$	1,395,067,713
Receivables:
	Investments in Fund shares sold		549,355			9,132			580,145		866			1,258,875			24,124			840,663
	Investment Division units sold		529,399			30,202			166,210		59,058			1,661,202			56,449			115,835
Total assets			840,949,894			2,699,608			842,082,155		4,607,767			2,331,107,026			19,311,483			1,396,024,211
Liabilities
Payables:
	Investments in Fund shares purchased		529,399			30,202			166,210		59,058			1,661,202			56,449			115,835
	Investment Division units redeemed		518,804			9,100			549,812		812			1,174,957			23,894			788,768
	Insurance fees due to Jackson		30,551			32			30,333		54			83,918			230			51,895
Total liabilities			1,078,754			39,334			746,355		59,924			2,920,077			80,573			956,498
Net assets		$	839,871,140		$	2,660,274		$	841,335,800	$	4,547,843		$	2,328,186,949		$	19,230,910		$	1,395,067,713
Investments in Funds, shares outstanding			87,852,630			272,290			55,169,561		280,731			55,485,866			437,464			100,799,690
Investments in Funds, at cost		$	865,480,681		$	2,627,061		$	700,011,358	$	4,015,792		$	1,354,284,297		$	13,762,225		$	1,097,628,140
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Invesco Global Real Estate Fund - Class A			JNL/Invesco Global Real Estate Fund - Class I			JNL/Invesco International Growth Fund - Class A		JNL/Invesco International Growth Fund - Class I			JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A
Investment Income
Dividends		$	—		$	—		$	15,935,464	$	86,758		$	—		$	—		$	—
Expenses
	Asset-based charges		11,546,688			9,085			10,102,404		13,740			22,284,445			44,719			12,241,725
Total expenses			11,546,688			9,085			10,102,404		13,740			22,284,445			44,719			12,241,725
Net investment income (loss)			(11,546,688	)		(9,085	)		5,833,060		73,018			(22,284,445	)		(44,719	)		(12,241,725	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			13,447,609		63,272			—			—			—
	Investments		(24,526,841	)		(60,746	)		7,304,686		(2,744	)		112,338,605			547,851			20,983,462
Net change in unrealized appreciation
	(depreciation) on investments		(116,582,046	)		(106,588	)		58,589,234		427,151			706,157,848			5,171,398			292,937,143
Net realized and unrealized gain (loss)			(141,108,887	)		(167,334	)		79,341,529		487,679			818,496,453			5,719,249			313,920,605
Net change in net assets
	from operations	$	(152,655,575	)	$	(176,419	)	$	85,174,589	$	560,697		$	796,212,008		$	5,674,530		$	301,678,880

See Notes to the Financial Statements.

20

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Growth & Income Fund - Class A			JNL/JPMorgan Growth & Income Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I		JNL/JPMorgan MidCap Growth Fund - Class A			JNL/JPMorgan MidCap Growth Fund - Class I
Assets
Investments, at fair value		$	1,637,848		$	671,372,769		$	3,382,639		$	310,397,750		$	9,016,953	$	3,166,067,525		$	34,480,664
Receivables:
	Investments in Fund shares sold		2,858			392,308			595			348,892			17,388		2,771,063			19,726
	Investment Division units sold		—			341,051			32,716			766,010			—		1,873,693			27,231
Total assets			1,640,706			672,106,128			3,415,950			311,512,652			9,034,341		3,170,712,281			34,527,621
Liabilities
Payables:
	Investments in Fund shares purchased		—			341,051			32,716			766,010			—		1,873,693			27,231
	Investment Division units redeemed		2,838			366,928			555			338,495			17,280		2,658,221			19,311
	Insurance fees due to Jackson		20			25,380			40			10,397			108		112,842			415
Total liabilities			2,858			733,359			33,311			1,114,902			17,388		4,644,756			46,957
Net assets		$	1,637,848		$	671,372,769		$	3,382,639		$	310,397,750		$	9,016,953	$	3,166,067,525		$	34,480,664
Investments in Funds, shares outstanding			117,408			56,181,822			278,636			25,652,707			740,916		51,733,129			543,773
Investments in Funds, at cost		$	1,329,637		$	578,276,227		$	2,912,309		$	275,392,128		$	8,179,017	$	1,973,708,011		$	25,881,011
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Growth & Income Fund - Class A			JNL/JPMorgan Growth & Income Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I		JNL/JPMorgan MidCap Growth Fund - Class A			JNL/JPMorgan MidCap Growth Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	1,259,808		$	38,247	$	—		$	—
Expenses
	Asset-based charges		4,442			7,908,556			8,823			2,439,004			22,284		30,214,401			89,486
Total expenses			4,442			7,908,556			8,823			2,439,004			22,284		30,214,401			89,486
Net investment income (loss)			(4,442	)		(7,908,556	)		(8,823	)		(1,179,196	)		15,963		(30,214,401	)		(89,486	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—		—			—
	Investments		44,730			1,600,601			(13,732	)		3,332,492			35,603		170,227,100			2,120,951
Net change in unrealized appreciation
	(depreciation) on investments		307,186			10,782,399			319,337			30,919,923			673,915		802,155,825			7,101,370
Net realized and unrealized gain (loss)			351,916			12,383,000			305,605			34,252,415			709,518		972,382,925			9,222,321
Net change in net assets
	from operations	$	347,474		$	4,474,444		$	296,782		$	33,073,219		$	725,481	$	942,168,524		$	9,132,835

See Notes to the Financial Statements.

21

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I			JNL/Lord Abbett Short Duration Income Fund - Class A
Assets
Investments, at fair value		$	1,563,966,061		$	27,071,495		$	71,681,179		$	2,206,114	$	433,958,250		$	2,235,662		$	187,267,930
Receivables:
	Investments in Fund shares sold		1,252,672			783			143,490			38		348,517			27			305,907
	Investment Division units sold		4,704,681			34,649			179,364			49,294		272,859			2,925			863,470
Total assets			1,569,923,414			27,106,927			72,004,033			2,255,446		434,579,626			2,238,614			188,437,307
Liabilities
Payables:
	Investments in Fund shares purchased		4,704,681			34,649			179,364			49,294		272,859			2,925			863,470
	Investment Division units redeemed		1,197,349			462			141,323			12		332,293			—			299,516
	Insurance fees due to Jackson		55,323			321			2,167			26		16,224			27			6,391
Total liabilities			5,957,353			35,432			322,854			49,332		621,376			2,952			1,169,377
Net assets		$	1,563,966,061		$	27,071,495		$	71,681,179		$	2,206,114	$	433,958,250		$	2,235,662		$	187,267,930
Investments in Funds, shares outstanding			108,158,096			1,769,379			4,419,308			135,677		28,051,600			143,404			17,920,376
Investments in Funds, at cost		$	1,503,322,623		$	26,441,282		$	57,014,895		$	1,849,293	$	309,830,074		$	1,782,200		$	184,954,955
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I		JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I(a)			JNL/Lord Abbett Short Duration Income Fund - Class A(a)
Investment Income
Dividends		$	—		$	—		$	338,312		$	15,105	$	824,525		$	3,977		$	—
Expenses
	Asset-based charges		18,457,456			76,560			732,419			7,902		3,619,818			5,770			738,109
Total expenses			18,457,456			76,560			732,419			7,902		3,619,818			5,770			738,109
Net investment income (loss)			(18,457,456	)		(76,560	)		(394,107	)		7,203		(2,795,293	)		(1,793	)		(738,109	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—		1,669,405			7,995			—
	Investments		32,643,827			377,727			1,555,674			25,353		14,906,231			205,292			525,813
Net change in unrealized appreciation
	(depreciation) on investments		44,572,478			379,586			4,618,703			238,591		123,842,283			453,462			2,312,975
Net realized and unrealized gain (loss)			77,216,305			757,313			6,174,377			263,944		140,417,919			666,749			2,838,788
Net change in net assets
	from operations	$	58,758,849		$	680,753		$	5,780,270		$	271,147	$	137,622,626		$	664,956		$	2,100,679

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Operations is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

22

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Lord Abbett Short Duration Income Fund - Class I			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A			JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I
Assets
Investments, at fair value		$	4,261,453		$	1,059,817,671		$	13,881,366		$	232,677,219		$	4,312,765		$	1,670,471,494		$	12,377,677
Receivables:
	Investments in Fund shares sold		172			1,177,735			273			111,280			58			2,246,513			62,880
	Investment Division units sold		—			959,346			62,433			322,700			32,537			3,259,508			15,656
Total assets			4,261,625			1,061,954,752			13,944,072			233,111,199			4,345,360			1,675,977,515			12,456,213
Liabilities
Payables:
	Investments in Fund shares purchased		—			959,346			62,433			322,700			32,537			3,259,508			15,656
	Investment Division units redeemed		120			1,140,128			109			102,965			7			2,186,076			62,731
	Insurance fees due to Jackson		52			37,607			164			8,315			51			60,437			149
Total liabilities			172			2,137,081			62,706			433,980			32,595			5,506,021			78,536
Net assets		$	4,261,453		$	1,059,817,671		$	13,881,366		$	232,677,219		$	4,312,765		$	1,670,471,494		$	12,377,677
Investments in Funds, shares outstanding			407,016			82,092,771			1,032,840			12,855,095			254,290			44,665,013			322,251
Investments in Funds, at cost		$	4,214,125		$	997,455,674		$	13,444,647		$	183,056,382		$	3,605,636		$	1,017,286,646		$	9,519,243
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Lord Abbett Short Duration Income Fund - Class I(a)			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A			JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		7,809			12,818,505			40,911			2,266,107			9,850			16,879,557			29,615
Total expenses			7,809			12,818,505			40,911			2,266,107			9,850			16,879,557			29,615
Net investment income (loss)			(7,809	)		(12,818,505	)		(40,911	)		(2,266,107	)		(9,850	)		(16,879,557	)		(29,615	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		38,556			15,937,932			143,554			5,981,705			113,634			104,658,927			579,173
Net change in unrealized appreciation
	(depreciation) on investments		47,328			46,777,568			376,510			37,614,780			610,614			393,433,073			2,382,314
Net realized and unrealized gain (loss)			85,884			62,715,500			520,064			43,596,485			724,248			498,092,000			2,961,487
Net change in net assets
	from operations	$	78,075		$	49,896,995		$	479,153		$	41,330,378		$	714,398		$	481,212,443		$	2,931,872

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Operations is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

23

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I			JNL/Mellon Emerging Markets Index Fund - Class A		JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A
Assets
Investments, at fair value		$	206,261,437		$	3,094,811		$	1,118,914,823		$	13,958,079		$	1,045,448,745	$	14,184,301		$	768,162,999
Receivables:
	Investments in Fund shares sold		143,596			52			993,803			287			677,095		255			3,024,517
	Investment Division units sold		237,976			12,250			895,670			12,250			3,042,187		63,480			329,947
Total assets			206,643,009			3,107,113			1,120,804,296			13,970,616			1,049,168,027		14,248,036			771,517,463
Liabilities
Payables:
	Investments in Fund shares purchased		237,976			12,250			895,670			12,250			3,042,187		63,480			329,947
	Investment Division units redeemed		136,196			14			952,576			121			639,107		86			2,996,119
	Insurance fees due to Jackson		7,400			38			41,227			166			37,988		169			28,398
Total liabilities			381,572			12,302			1,889,473			12,537			3,719,282		63,735			3,354,464
Net assets		$	206,261,437		$	3,094,811		$	1,118,914,823		$	13,958,079		$	1,045,448,745	$	14,184,301		$	768,162,999
Investments in Funds, shares outstanding			15,335,423			227,727			31,072,336			383,148			81,421,242		1,097,856			52,976,759
Investments in Funds, at cost		$	174,735,451		$	2,755,077		$	800,698,848		$	11,710,985		$	846,687,303	$	11,970,635		$	1,092,249,608
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I			JNL/Mellon Emerging Markets Index Fund - Class A		JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	30,031,280	$	419,519		$	—
Expenses
	Asset-based charges		2,469,337			9,185			13,177,996			46,973			12,510,643		41,395			9,784,551
Total expenses			2,469,337			9,185			13,177,996			46,973			12,510,643		41,395			9,784,551
Net investment income (loss)			(2,469,337	)		(9,185	)		(13,177,996	)		(46,973	)		17,520,637		378,124			(9,784,551	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—		—			—
	Investments		9,312,112			119,742			73,741,811			764,017			4,539,499		(116,576	)		(156,854,972	)
Net change in unrealized appreciation
	(depreciation) on investments		17,301,525			192,108			29,108,952			1,567,636			100,049,690		1,823,899			(139,348,920	)
Net realized and unrealized gain (loss)			26,613,637			311,850			102,850,763			2,331,653			104,589,189		1,707,323			(296,203,892	)
Net change in net assets
	from operations	$	24,144,300		$	302,665		$	89,672,767		$	2,284,680		$	122,109,826	$	2,085,447		$	(305,988,443	)

See Notes to the Financial Statements.

24

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Equity Income Fund - Class A			JNL/Mellon Equity Income Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A			JNL/Mellon Healthcare Sector Fund - Class I
Assets
Investments, at fair value		$	3,527,420		$	187,708,871		$	2,925,478		$	1,018,209,951		$	9,017,078		$	3,427,547,551		$	23,100,052
Receivables:
	Investments in Fund shares sold		154			59,428			36			477,502			226			1,776,824			10,478
	Investment Division units sold		30,823			18,593			—			314,931			—			1,752,576			73,420
Total assets			3,558,397			187,786,892			2,925,514			1,019,002,384			9,017,304			3,431,076,951			23,183,950
Liabilities
Payables:
	Investments in Fund shares purchased		30,823			18,593			—			314,931			—			1,752,576			73,420
	Investment Division units redeemed		112			53,716			—			440,522			118			1,651,857			10,200
	Insurance fees due to Jackson		42			5,712			36			36,980			108			124,967			278
Total liabilities			30,977			78,021			36			792,433			226			3,529,400			83,898
Net assets		$	3,527,420		$	187,708,871		$	2,925,478		$	1,018,209,951		$	9,017,078		$	3,427,547,551		$	23,100,052
Investments in Funds, shares outstanding			237,377			9,968,607			154,054			69,313,135			607,620			91,572,203			609,500
Investments in Funds, at cost		$	3,611,602		$	156,537,776		$	2,457,559		$	842,319,101		$	7,801,022		$	2,420,250,797		$	19,202,389
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Equity Income Fund - Class A			JNL/Mellon Equity Income Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A			JNL/Mellon Healthcare Sector Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		11,130			1,930,643			10,699			12,454,140			27,328			40,882,594			71,572
Total expenses			11,130			1,930,643			10,699			12,454,140			27,328			40,882,594			71,572
Net investment income (loss)			(11,130	)		(1,930,643	)		(10,699	)		(12,454,140	)		(27,328	)		(40,882,594	)		(71,572	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(864,014	)		(2,164,906	)		(70,626	)		2,876,914			(292,309	)		168,238,846			848,789
Net change in unrealized appreciation
	(depreciation) on investments		104,194			11,010			246,967			(63,138,903	)		701,770			340,761,736			2,368,569
Net realized and unrealized gain (loss)			(759,820	)		(2,153,896	)		176,341			(60,261,989	)		409,461			509,000,582			3,217,358
Net change in net assets
	from operations	$	(770,950	)	$	(4,084,539	)	$	165,642		$	(72,716,129	)	$	382,133		$	468,117,988		$	3,145,786

See Notes to the Financial Statements.

25

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon Index 5 Fund - Class A			JNL/Mellon Index 5 Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A
Assets
Investments, at fair value		$	1,154,051,940		$	1,888,959		$	101,673,813		$	3,239,313		$	4,505,629,047		$	54,066,402		$	1,348,997,319
Receivables:
	Investments in Fund shares sold		272,156			22			150,407			40,683			4,818,371			84,114			951,326
	Investment Division units sold		52,040			—			196,874			—			2,305,148			62,370			837,636
Total assets			1,154,376,136			1,888,981			102,021,094			3,279,996			4,512,752,566			54,212,886			1,350,786,281
Liabilities
Payables:
	Investments in Fund shares purchased		52,040			—			196,874			—			2,305,148			62,370			837,636
	Investment Division units redeemed		229,241			—			146,833			40,643			4,654,566			83,467			902,890
	Insurance fees due to Jackson		42,915			22			3,574			40			163,805			647			48,436
Total liabilities			324,196			22			347,281			40,683			7,123,519			146,484			1,788,962
Net assets		$	1,154,051,940		$	1,888,959		$	101,673,813		$	3,239,313		$	4,505,629,047		$	54,066,402		$	1,348,997,319
Investments in Funds, shares outstanding			62,788,462			101,666			7,542,568			237,835			140,231,218			1,636,392			94,799,530
Investments in Funds, at cost		$	833,251,636		$	1,586,505		$	86,171,066		$	2,821,930		$	2,392,801,331		$	39,186,576		$	1,268,225,240
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon Index 5 Fund - Class A			JNL/Mellon Index 5 Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	42,660,794
Expenses
	Asset-based charges		14,584,898			6,496			863,487			6,594			48,487,095			151,158			16,046,431
Total expenses			14,584,898			6,496			863,487			6,594			48,487,095			151,158			16,046,431
Net investment income (loss)			(14,584,898	)		(6,496	)		(863,487	)		(6,594	)		(48,487,095	)		(151,158	)		26,614,363
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			13,433,650
	Investments		37,872,890			41,236			901,700			38,142			480,302,330			3,558,176			(30,046,119	)
Net change in unrealized appreciation
	(depreciation) on investments		68,289,434			203,138			9,984,650			312,178			937,037,401			10,997,966			53,790,950
Net realized and unrealized gain (loss)			106,162,324			244,374			10,886,350			350,320			1,417,339,731			14,556,142			37,178,481
Net change in net assets
	from operations	$	91,577,426		$	237,878		$	10,022,863		$	343,726		$	1,368,852,636		$	14,404,984		$	63,792,844

See Notes to the Financial Statements.

26

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon International Index Fund - Class I			JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon MSCI KLD 400 Social Index Fund - Class A			JNL/Mellon MSCI KLD 400 Social Index Fund - Class I			JNL/Mellon MSCI World Index Fund - Class A		JNL/Mellon MSCI World Index Fund - Class I
Assets
Investments, at fair value		$	22,438,363		$	72,348,576		$	1,968,363		$	132,736,434		$	4,623,605		$	353,758,964	$	4,271,613
Receivables:
	Investments in Fund shares sold		545			115,092			24			66,464			1,606			261,244		50,891
	Investment Division units sold		8,712			205,619			13,071			188,995			—			35,905		2,177
Total assets			22,447,620			72,669,287			1,981,458			132,991,893			4,625,211			354,056,113		4,324,681
Liabilities
Payables:
	Investments in Fund shares purchased		8,712			205,619			13,071			188,995			—			35,905		2,177
	Investment Division units redeemed		276			112,528			—			61,981			1,551			247,828		50,839
	Insurance fees due to Jackson		269			2,564			24			4,483			55			13,416		52
Total liabilities			9,257			320,711			13,095			255,459			1,606			297,149		53,068
Net assets		$	22,438,363		$	72,348,576		$	1,968,363		$	132,736,434		$	4,623,605		$	353,758,964	$	4,271,613
Investments in Funds, shares outstanding			1,503,912			5,705,724			153,658			7,986,548			275,871			11,404,222		137,086
Investments in Funds, at cost		$	20,690,911		$	61,743,488		$	1,709,502		$	107,014,674		$	3,811,890		$	265,823,849	$	3,589,800
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon International Index Fund - Class I			JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon MSCI KLD 400 Social Index Fund - Class A			JNL/Mellon MSCI KLD 400 Social Index Fund - Class I			JNL/Mellon MSCI World Index Fund - Class A		JNL/Mellon MSCI World Index Fund - Class I
Investment Income
Dividends		$	704,770		$	—		$	—		$	—		$	—		$	6,323,641	$	86,977
Expenses
	Asset-based charges		61,535			457,024			3,638			1,025,888			10,353			4,472,774		14,636
Total expenses			61,535			457,024			3,638			1,025,888			10,353			4,472,774		14,636
Net investment income (loss)			643,235			(457,024	)		(3,638	)		(1,025,888	)		(10,353	)		1,850,867		72,341
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		202,638			—			—			—			—			2,011,536		23,583
	Investments		(567,700	)		1,024,871			36,003			2,619,947			140,314			12,056,534		(81,918	)
Net change in unrealized appreciation
	(depreciation) on investments		1,764,371			9,355,835			224,541			17,013,753			772,936			25,134,039		522,060
Net realized and unrealized gain (loss)			1,399,309			10,380,706			260,544			19,633,700			913,250			39,202,109		463,725
Net change in net assets
	from operations	$	2,042,544		$	9,923,682		$	256,906		$	18,607,812		$	902,897		$	41,052,976	$	536,066

See Notes to the Financial Statements.

27

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon Nasdaq® 100 Index Fund - Class A			JNL/Mellon Nasdaq® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A			JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A
Assets
Investments, at fair value		$	5,324,342,584		$	79,233,379		$	97,480,980		$	6,312,437		$	2,901,024,423		$	41,612,324		$	9,490,834,431
Receivables:
	Investments in Fund shares sold		4,144,835			15,446			32,610			201			2,511,849			5,135			9,813,874
	Investment Division units sold		2,603,629			121,893			206,758			4,538			2,241,329			27,498			6,205,568
Total assets			5,331,091,048			79,370,718			97,720,348			6,317,176			2,905,777,601			41,644,957			9,506,853,873
Liabilities
Payables:
	Investments in Fund shares purchased		2,603,629			121,893			206,758			4,538			2,241,329			27,498			6,205,568
	Investment Division units redeemed		3,953,288			14,498			29,275			125			2,407,541			4,638			9,473,277
	Insurance fees due to Jackson		191,547			948			3,335			76			104,308			497			340,597
Total liabilities			6,748,464			137,339			239,368			4,739			4,753,178			32,633			16,019,442
Net assets		$	5,324,342,584		$	79,233,379		$	97,480,980		$	6,312,437		$	2,901,024,423		$	41,612,324		$	9,490,834,431
Investments in Funds, shares outstanding			115,370,370			2,596,113			8,303,320			534,047			114,213,560			1,595,565			333,245,591
Investments in Funds, at cost		$	3,206,302,489		$	58,612,333		$	94,374,655		$	5,937,807		$	2,211,796,163		$	33,773,114		$	6,739,022,196
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon Nasdaq® 100 Index Fund - Class A			JNL/Mellon Nasdaq® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A			JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		53,849,874			215,356			1,301,663			19,535			32,284,765			115,577			107,619,609
Total expenses			53,849,874			215,356			1,301,663			19,535			32,284,765			115,577			107,619,609
Net investment income (loss)			(53,849,874	)		(215,356	)		(1,301,663	)		(19,535	)		(32,284,765	)		(115,577	)		(107,619,609	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		434,502,765			5,104,032			(1,832,426	)		20,844			25,867,337			(190,851	)		389,482,398
Net change in unrealized appreciation
	(depreciation) on investments		1,247,510,760			16,814,780			(10,157,654	)		(73,550	)		323,223,265			6,394,711			1,037,717,612
Net realized and unrealized gain (loss)			1,682,013,525			21,918,812			(11,990,080	)		(52,706	)		349,090,602			6,203,860			1,427,200,010
Net change in net assets
	from operations	$	1,628,163,651		$	21,703,456		$	(13,291,743	)	$	(72,241	)	$	316,805,837		$	6,088,283		$	1,319,580,401

See Notes to the Financial Statements.

28

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A			JNL/Mellon Utilities Sector Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A
Assets
Investments, at fair value		$	2,202,349,963		$	35,209,355		$	268,414,365		$	3,695,876		$	1,522,702,925		$	11,121,519		$	231,075,486
Receivables:
	Investments in Fund shares sold		1,960,674			1,275			172,497			52			1,643,059			195			140,105
	Investment Division units sold		923,584			11,073			257,134			12,250			1,510,135			34,092			267,633
Total assets			2,205,234,221			35,221,703			268,843,996			3,708,178			1,525,856,119			11,155,806			231,483,224
Liabilities
Payables:
	Investments in Fund shares purchased		923,584			11,073			257,134			12,250			1,510,135			34,092			267,633
	Investment Division units redeemed		1,880,950			854			163,235			7			1,586,839			61			132,142
	Insurance fees due to Jackson		79,724			421			9,262			45			56,220			134			7,963
Total liabilities			2,884,258			12,348			429,631			12,302			3,153,194			34,287			407,738
Net assets		$	2,202,349,963		$	35,209,355		$	268,414,365		$	3,695,876		$	1,522,702,925		$	11,121,519		$	231,075,486
Investments in Funds, shares outstanding			101,819,231			1,585,293			16,796,894			229,131			111,227,387			801,840			17,532,283
Investments in Funds, at cost		$	1,776,178,928		$	29,121,570		$	249,480,650		$	3,519,069		$	1,240,988,353		$	9,409,366		$	203,652,914
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A			JNL/Mellon Utilities Sector Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	2,522,126
Expenses
	Asset-based charges		23,879,883			91,472			3,716,248			14,584			16,624,333			32,336			2,355,649
Total expenses			23,879,883			91,472			3,716,248			14,584			16,624,333			32,336			2,355,649
Net investment income (loss)			(23,879,883	)		(91,472	)		(3,716,248	)		(14,584	)		(16,624,333	)		(32,336	)		166,477
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			13,634,960
	Investments		(25,190,325	)		(769,082	)		1,309,123			80,629			8,649,358			(7,690	)		6,064,601
Net change in unrealized appreciation
	(depreciation) on investments		222,682,408			5,576,437			(11,877,160	)		(162,008	)		151,928,445			1,103,750			11,574,440
Net realized and unrealized gain (loss)			197,492,083			4,807,355			(10,568,037	)		(81,379	)		160,577,803			1,096,060			31,274,001
Net change in net assets
	from operations	$	173,612,200		$	4,715,883		$	(14,284,285	)	$	(95,963	)	$	143,953,470		$	1,063,724		$	31,440,478

See Notes to the Financial Statements.

29

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Morningstar Wide Moat Index Fund - Class I		JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A
Assets
Investments, at fair value		$	5,284,420	$	11,822,245		$	592,702,782		$	4,851,237		$	749,074,470		$	23,286,258		$	668,209,981
Receivables:
	Investments in Fund shares sold		206		1,429			695,591			12,300			795,135			305			503,634
	Investment Division units sold		24,500		33,338			202,636			—			1,062,418			160,819			735,566
Total assets			5,309,126		11,857,012			593,601,009			4,863,537			750,932,023			23,447,382			669,449,181
Liabilities
Payables:
	Investments in Fund shares purchased		24,500		33,338			202,636			—			1,062,418			160,819			735,566
	Investment Division units redeemed		143		1,119			674,004			12,242			769,346			31			480,350
	Insurance fees due to Jackson		63		310			21,587			58			25,789			274			23,284
Total liabilities			24,706		34,767			898,227			12,300			1,857,553			161,124			1,239,200
Net assets		$	5,284,420	$	11,822,245		$	592,702,782		$	4,851,237		$	749,074,470		$	23,286,258		$	668,209,981
Investments in Funds, shares outstanding			398,523		1,113,206			49,146,168			397,969			67,912,463			2,092,206			49,314,390
Investments in Funds, at cost		$	4,915,688	$	12,188,314		$	541,181,971		$	4,482,086		$	701,557,284		$	21,925,354		$	610,494,352
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Morningstar Wide Moat Index Fund - Class I		JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A
Investment Income
Dividends		$	61,939	$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		13,520		109,818			7,783,352			17,653			8,796,882			87,078			7,016,877
Total expenses			13,520		109,818			7,783,352			17,653			8,796,882			87,078			7,016,877
Net investment income (loss)			48,419		(109,818	)		(7,783,352	)		(17,653	)		(8,796,882	)		(87,078	)		(7,016,877	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		306,572		—			—			—			—			—			—
	Investments		150,575		(1,857,305	)		(755,159	)		8,065			1,021,891			90,743			10,110,411
Net change in unrealized appreciation
	(depreciation) on investments		258,581		536,661			34,737,263			319,383			32,711,473			1,078,676			39,189,346
Net realized and unrealized gain (loss)			715,728		(1,320,644	)		33,982,104			327,448			33,733,364			1,169,419			49,299,757
Net change in net assets
	from operations	$	764,147	$	(1,430,462	)	$	26,198,752		$	309,795		$	24,936,482		$	1,082,341		$	42,282,880

See Notes to the Financial Statements.

30

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A			JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I
Assets
Investments, at fair value		$	12,303,184		$	1,150,817,612		$	8,340,532		$	996,246,823		$	5,324,289		$	1,310,103,615		$	7,031,215
Receivables:
	Investments in Fund shares sold		193			499,857			353			639,178			7,300			497,125			271
	Investment Division units sold		2,177			2,331,815			30,674			300,307			49,294			717,740			42,643
Total assets			12,305,554			1,153,649,284			8,371,559			997,186,308			5,380,883			1,311,318,480			7,074,129
Liabilities
Payables:
	Investments in Fund shares purchased		2,177			2,331,815			30,674			300,307			49,294			717,740			42,643
	Investment Division units redeemed		53			457,578			253			603,314			7,236			449,673			189
	Insurance fees due to Jackson		140			42,279			100			35,864			64			47,452			82
Total liabilities			2,370			2,831,672			31,027			939,485			56,594			1,214,865			42,914
Net assets		$	12,303,184		$	1,150,817,612		$	8,340,532		$	996,246,823		$	5,324,289		$	1,310,103,615		$	7,031,215
Investments in Funds, shares outstanding			903,317			98,613,334			703,249			90,650,302			480,966			89,671,705			408,317
Investments in Funds, at cost		$	11,364,567		$	1,076,364,487		$	7,821,220		$	963,271,775		$	5,103,596		$	1,193,152,446		$	6,404,953
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A			JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		38,602			13,706,450			21,863			14,166,022			22,942			17,285,991			31,639
Total expenses			38,602			13,706,450			21,863			14,166,022			22,942			17,285,991			31,639
Net investment income (loss)			(38,602	)		(13,706,450	)		(21,863	)		(14,166,022	)		(22,942	)		(17,285,991	)		(31,639	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		205,432			3,694,118			141,855			(15,941,215	)		(58,242	)		(4,834,443	)		(349,176	)
Net change in unrealized appreciation
	(depreciation) on investments		736,278			103,143,905			377,705			(1,253,285	)		38,386			56,226,107			200,199
Net realized and unrealized gain (loss)			941,710			106,838,023			519,560			(17,194,500	)		(19,856	)		51,391,664			(148,977	)
Net change in net assets
	from operations	$	903,108		$	93,131,573		$	497,697		$	(31,360,522	)	$	(42,798	)	$	34,105,673		$	(180,616	)

See Notes to the Financial Statements.

31

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/PPM America Small Cap Value Fund - Class A			JNL/PPM America Small Cap Value Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I			JNL/RAFI Fundamental Asia Developed Fund - Class A			JNL/RAFI Fundamental Asia Developed Fund - Class I			JNL/RAFI Fundamental Europe Fund - Class A
Assets
Investments, at fair value		$	367,028,394		$	1,044,749		$	760,691,073		$	9,017,167		$	176,079,998		$	827,304		$	246,719,720
Receivables:
	Investments in Fund shares sold		202,361			45,655			564,589			183			125,524			10,077			62,193
	Investment Division units sold		176,153			—			896,475			695			63,866			—			61,839
Total assets			367,406,908			1,090,404			762,152,137			9,018,045			176,269,388			837,381			246,843,752
Liabilities
Payables:
	Investments in Fund shares purchased		176,153			—			896,475			695			63,866			—			61,839
	Investment Division units redeemed		188,737			45,642			537,732			76			119,219			10,067			53,310
	Insurance fees due to Jackson		13,624			13			26,857			107			6,305			10			8,883
Total liabilities			378,514			45,655			1,461,064			878			189,390			10,077			124,032
Net assets		$	367,028,394		$	1,044,749		$	760,691,073		$	9,017,167		$	176,079,998		$	827,304		$	246,719,720
Investments in Funds, shares outstanding			29,912,665			82,070			54,568,944			644,544			13,420,732			62,017			21,891,723
Investments in Funds, at cost		$	367,505,703		$	1,164,062		$	703,715,431		$	8,333,599		$	185,069,715		$	748,342		$	265,902,407
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/PPM America Small Cap Value Fund - Class A			JNL/PPM America Small Cap Value Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I			JNL/RAFI Fundamental Asia Developed Fund - Class A			JNL/RAFI Fundamental Asia Developed Fund - Class I			JNL/RAFI Fundamental Europe Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	13,964,090
Expenses
	Asset-based charges		4,603,452			4,310			7,338,131			27,076			2,164,291			2,727			3,018,177
Total expenses			4,603,452			4,310			7,338,131			27,076			2,164,291			2,727			3,018,177
Net investment income (loss)			(4,603,452	)		(4,310	)		(7,338,131	)		(27,076	)		(2,164,291	)		(2,727	)		10,945,913
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(34,457,118	)		(144,094	)		14,832,208			96,145			(16,805,094	)		(14,498	)		(18,205,548	)
Net change in unrealized appreciation
	(depreciation) on investments		3,264,187			49,491			35,968,759			458,309			19,125,777			106,723			(5,424,635	)
Net realized and unrealized gain (loss)			(31,192,931	)		(94,603	)		50,800,967			554,454			2,320,683			92,225			(23,630,183	)
Net change in net assets
	from operations	$	(35,796,383	)	$	(98,913	)	$	43,462,836		$	527,378		$	156,392		$	89,498		$	(12,684,270	)

See Notes to the Financial Statements.

32

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/RAFI Fundamental Europe Fund - Class I			JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I
Assets
Investments, at fair value		$	453,898		$	388,632,122		$	2,154,789		$	2,356,466,220		$	5,230,092		$	474,608,239		$	659,388
Receivables:
	Investments in Fund shares sold		6			205,413			86			3,255,623			63			31,253			8
	Investment Division units sold		—			223,456			23,002			191,703			—			111,625			—
Total assets			453,904			389,060,991			2,177,877			2,359,913,546			5,230,155			474,751,117			659,396
Liabilities
Payables:
	Investments in Fund shares purchased		—			223,456			23,002			191,703			—			111,625			—
	Investment Division units redeemed		1			191,302			60			3,163,382			—			17,304			—
	Insurance fees due to Jackson		5			14,111			26			92,241			63			13,949			8
Total liabilities			6			428,869			23,088			3,447,326			63			142,878			8
Net assets		$	453,898		$	388,632,122		$	2,154,789		$	2,356,466,220		$	5,230,092		$	474,608,239		$	659,388
Investments in Funds, shares outstanding			39,886			58,178,461			329,983			150,189,052			331,648			31,142,273			42,873
Investments in Funds, at cost		$	438,520		$	429,229,262		$	1,914,693		$	1,853,605,061		$	4,952,564		$	376,821,859		$	600,893
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/RAFI Fundamental Europe Fund - Class I			JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I(a)
Investment Income
Dividends		$	25,486		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		1,604			4,394,126			5,852			31,537,293			22,530			4,524,142			995
Total expenses			1,604			4,394,126			5,852			31,537,293			22,530			4,524,142			995
Net investment income (loss)			23,882			(4,394,126	)		(5,852	)		(31,537,293	)		(22,530	)		(4,524,142	)		(995	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(29,376	)		(48,302,926	)		(105,923	)		39,083,936			(139,410	)		14,085,581			1,216
Net change in unrealized appreciation
	(depreciation) on investments		1,394			74,182,149			389,332			150,006,931			593,477			31,632,247			58,495
Net realized and unrealized gain (loss)			(27,982	)		25,879,223			283,409			189,090,867			454,067			45,717,828			59,711
Net change in net assets
	from operations	$	(4,100	)	$	21,485,097		$	277,557		$	157,553,574		$	431,537		$	41,193,686		$	58,716

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Operations is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

33

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/T. Rowe Price Capital Appreciation Fund - Class A			JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A
Assets
Investments, at fair value		$	7,864,908,692		$	134,641,464		$	8,695,652,077		$	89,079,336		$	5,961,538,630		$	48,931,358		$	1,406,983,790
Receivables:
	Investments in Fund shares sold		3,873,626			48,277			5,793,605			56,037			4,038,038			78,823			2,471,096
	Investment Division units sold		16,378,263			46,727			4,095,305			55,294			1,893,473			163,731			1,655,685
Total assets			7,885,160,581			134,736,468			8,705,540,987			89,190,667			5,967,470,141			49,173,912			1,411,110,571
Liabilities
Payables:
	Investments in Fund shares purchased		16,378,263			46,727			4,095,305			55,294			1,893,473			163,731			1,655,685
	Investment Division units redeemed		3,605,979			46,655			5,479,744			54,975			3,817,783			78,231			2,422,388
	Insurance fees due to Jackson		267,647			1,622			313,861			1,062			220,255			592			48,708
Total liabilities			20,251,889			95,004			9,888,910			111,331			5,931,511			242,554			4,126,781
Net assets		$	7,864,908,692		$	134,641,464		$	8,695,652,077		$	89,079,336		$	5,961,538,630		$	48,931,358		$	1,406,983,790
Investments in Funds, shares outstanding			388,774,528			6,600,072			127,296,912			1,252,874			86,025,088			668,735			133,111,049
Investments in Funds, at cost		$	6,105,642,639		$	111,760,237		$	5,303,697,010		$	66,881,669		$	3,756,912,882		$	37,431,355		$	1,349,453,542
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/T. Rowe Price Capital Appreciation Fund - Class A			JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		78,108,879			424,790			97,272,208			269,383			70,530,408			161,325			16,259,345
Total expenses			78,108,879			424,790			97,272,208			269,383			70,530,408			161,325			16,259,345
Net investment income (loss)			(78,108,879	)		(424,790	)		(97,272,208	)		(269,383	)		(70,530,408	)		(161,325	)		(16,259,345	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		174,565,650			2,958,096			559,030,739			3,360,466			329,904,681			1,478,304			18,130,872
Net change in unrealized appreciation
	(depreciation) on investments		944,887,237			16,056,452			1,831,527,384			18,217,105			798,538,466			7,866,658			30,870,122
Net realized and unrealized gain (loss)			1,119,452,887			19,014,548			2,390,558,123			21,577,571			1,128,443,147			9,344,962			49,000,994
Net change in net assets
	from operations	$	1,041,344,008		$	18,589,758		$	2,293,285,915		$	21,308,188		$	1,057,912,739		$	9,183,637		$	32,741,649

See Notes to the Financial Statements.

34

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/T. Rowe Price Short-Term Bond Fund - Class I			JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Capital Growth Fund - Class A			JNL/Vanguard Capital Growth Fund - Class I
Assets
Investments, at fair value		$	18,059,289		$	138,408,704		$	2,056,727		$	2,111,055,213		$	22,274,088		$	425,299,565		$	10,460,169
Receivables:
	Investments in Fund shares sold		2,227			14,772			24			1,187,446			85,151			499,828			3,027
	Investment Division units sold		38,398			41,756			46,637			1,647,288			—			417,026			—
Total assets			18,099,914			138,465,232			2,103,388			2,113,889,947			22,359,239			426,216,419			10,463,196
Liabilities
Payables:
	Investments in Fund shares purchased		38,398			41,756			46,637			1,647,288			—			417,026			—
	Investment Division units redeemed		2,013			10,195			—			1,111,970			84,884			484,772			2,900
	Insurance fees due to Jackson		214			4,577			24			75,476			267			15,056			127
Total liabilities			40,625			56,528			46,661			2,834,734			85,151			916,854			3,027
Net assets		$	18,059,289		$	138,408,704		$	2,056,727		$	2,111,055,213		$	22,274,088		$	425,299,565		$	10,460,169
Investments in Funds, shares outstanding			1,681,498			12,141,114			180,891			110,410,837			1,105,414			27,280,280			663,716
Investments in Funds, at cost		$	17,474,392		$	128,955,471		$	1,930,806		$	1,737,260,918		$	18,965,441		$	326,936,090		$	8,242,785
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/T. Rowe Price Short-Term Bond Fund - Class I			JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Capital Growth Fund - Class A			JNL/Vanguard Capital Growth Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		68,841			1,476,855			7,036			23,242,133			63,523			4,717,186			38,150
Total expenses			68,841			1,476,855			7,036			23,242,133			63,523			4,717,186			38,150
Net investment income (loss)			(68,841	)		(1,476,855	)		(7,036	)		(23,242,133	)		(63,523	)		(4,717,186	)		(38,150	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		299,411			(1,013,293	)		(879	)		1,790,894			18,339			11,350,847			395,597
Net change in unrealized appreciation
	(depreciation) on investments		389,506			5,147,004			83,696			184,879,490			2,340,976			47,695,286			1,193,449
Net realized and unrealized gain (loss)			688,917			4,133,711			82,817			186,670,384			2,359,315			59,046,133			1,589,046
Net change in net assets
	from operations	$	620,076		$	2,656,856		$	75,781		$	163,428,251		$	2,295,792		$	54,328,947		$	1,550,896

See Notes to the Financial Statements.

35

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Vanguard Equity Income Fund - Class A			JNL/Vanguard Equity Income Fund - Class I			JNL/Vanguard Global Bond Market Index Fund - Class A			JNL/Vanguard Global Bond Market Index Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard International Fund - Class A
Assets
Investments, at fair value		$	500,705,056		$	14,029,200		$	178,436,485		$	4,760,721		$	589,736,375		$	29,325,989		$	1,169,439,620
Receivables:
	Investments in Fund shares sold		1,594,049			315			23,216			56			754,455			1,176			973,865
	Investment Division units sold		924,625			33,645			281,553			16,339			419,136			—			2,437,841
Total assets			503,223,730			14,063,160			178,741,254			4,777,116			590,909,966			29,327,165			1,172,851,326
Liabilities
Payables:
	Investments in Fund shares purchased		924,625			33,645			281,553			16,339			419,136			—			2,437,841
	Investment Division units redeemed		1,576,466			149			17,159			—			734,164			823			932,480
	Insurance fees due to Jackson		17,583			166			6,057			56			20,291			353			41,385
Total liabilities			2,518,674			33,960			304,769			16,395			1,173,591			1,176			3,411,706
Net assets		$	500,705,056		$	14,029,200		$	178,436,485		$	4,760,721		$	589,736,375		$	29,325,989		$	1,169,439,620
Investments in Funds, shares outstanding			39,518,947			1,095,176			15,489,278			408,997			43,716,559			2,143,713			63,694,968
Investments in Funds, at cost		$	437,991,367		$	12,308,988		$	169,828,797		$	4,493,661		$	479,316,649		$	23,786,190		$	786,833,339
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Vanguard Equity Income Fund - Class A			JNL/Vanguard Equity Income Fund - Class I			JNL/Vanguard Global Bond Market Index Fund - Class A			JNL/Vanguard Global Bond Market Index Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard International Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		4,874,614			45,337			1,850,918			17,569			5,822,783			99,010			9,402,136
Total expenses			4,874,614			45,337			1,850,918			17,569			5,822,783			99,010			9,402,136
Net investment income (loss)			(4,874,614	)		(45,337	)		(1,850,918	)		(17,569	)		(5,822,783	)		(99,010	)		(9,402,136	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		467,761			45,977			3,467,693			78,361			6,665,465			639,683			34,402,544
Net change in unrealized appreciation
	(depreciation) on investments		26,797,524			718,506			3,880,045			145,681			71,743,398			3,504,958			320,791,649
Net realized and unrealized gain (loss)			27,265,285			764,483			7,347,738			224,042			78,408,863			4,144,641			355,194,193
Net change in net assets
	from operations	$	22,390,671		$	719,146		$	5,496,820		$	206,473		$	72,586,080		$	4,045,631		$	345,792,057

See Notes to the Financial Statements.

36

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Vanguard International Fund - Class I			JNL/Vanguard International Stock Market Index Fund - Class A			JNL/Vanguard International Stock Market Index Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A			JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
Assets
Investments, at fair value		$	28,846,735		$	406,049,822		$	10,656,588		$	444,532,933		$	13,905,568		$	570,137,230		$	20,269,713
Receivables:
	Investments in Fund shares sold		19,844			221,205			127			92,887			328			394,512			744
	Investment Division units sold		6,000			642,499			79,738			417,953			—			965,233			—
Total assets			28,872,579			406,913,526			10,736,453			445,043,773			13,905,896			571,496,975			20,270,457
Liabilities
Payables:
	Investments in Fund shares purchased		6,000			642,499			79,738			417,953			—			965,233			—
	Investment Division units redeemed		19,498			206,702			—			78,127			161			375,469			498
	Insurance fees due to Jackson		346			14,503			127			14,760			167			19,043			246
Total liabilities			25,844			863,704			79,865			510,840			328			1,359,745			744
Net assets		$	28,846,735		$	406,049,822		$	10,656,588		$	444,532,933		$	13,905,568		$	570,137,230		$	20,269,713
Investments in Funds, shares outstanding			1,556,759			34,121,834			887,310			35,878,364			1,107,131			44,094,140			1,546,126
Investments in Funds, at cost		$	20,026,475		$	342,334,691		$	8,936,473		$	391,682,639		$	12,113,036		$	482,396,010		$	17,031,885
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Vanguard International Fund - Class I			JNL/Vanguard International Stock Market Index Fund - Class A			JNL/Vanguard International Stock Market Index Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A			JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		73,150			4,174,449			34,532			4,161,785			49,993			5,257,522			67,165
Total expenses			73,150			4,174,449			34,532			4,161,785			49,993			5,257,522			67,165
Net investment income (loss)			(73,150	)		(4,174,449	)		(34,532	)		(4,161,785	)		(49,993	)		(5,257,522	)		(67,165	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		1,199,020			(1,753,109	)		5,463			5,301,880			301,253			3,876,041			80,640
Net change in unrealized appreciation
	(depreciation) on investments		7,511,203			44,583,417			1,157,462			31,500,309			906,539			54,938,274			1,800,265
Net realized and unrealized gain (loss)			8,710,223			42,830,308			1,162,925			36,802,189			1,207,792			58,814,315			1,880,905
Net change in net assets
	from operations	$	8,637,073		$	38,655,859		$	1,128,393		$	32,640,404		$	1,157,799		$	53,556,793		$	1,813,740

See Notes to the Financial Statements.

37

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Vanguard Small Company Growth Fund - Class A			JNL/Vanguard Small Company Growth Fund - Class I			JNL/Vanguard U.S. Stock Market Index Fund - Class A			JNL/Vanguard U.S. Stock Market Index Fund - Class I			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I		JNL/Westchester Capital Event Driven Fund - Class A
Assets
Investments, at fair value		$	211,964,180		$	5,531,117		$	788,063,424		$	23,953,950		$	387,246,126		$	9,556,208	$	38,755,631
Receivables:
	Investments in Fund shares sold		609,398			1,162			410,169			282			235,683			891		23,392
	Investment Division units sold		13,955			—			523,849			27,765			827,077			7,602		22,627
Total assets			212,587,533			5,532,279			788,997,442			23,981,997			388,308,886			9,564,701		38,801,650
Liabilities
Payables:
	Investments in Fund shares purchased		13,955			—			523,849			27,765			827,077			7,602		22,627
	Investment Division units redeemed		601,875			1,095			382,674			—			222,158			776		22,152
	Insurance fees due to Jackson		7,523			67			27,495			282			13,525			115		1,240
Total liabilities			623,353			1,162			934,018			28,047			1,062,760			8,493		46,019
Net assets		$	211,964,180		$	5,531,117		$	788,063,424		$	23,953,950		$	387,246,126		$	9,556,208	$	38,755,631
Investments in Funds, shares outstanding			13,746,056			355,014			49,940,648			1,500,874			17,853,671			439,164		3,281,594
Investments in Funds, at cost		$	159,119,668		$	4,073,472		$	612,356,409		$	18,897,155		$	295,466,274		$	7,507,734	$	34,391,849
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Vanguard Small Company Growth Fund - Class A			JNL/Vanguard Small Company Growth Fund - Class I			JNL/Vanguard U.S. Stock Market Index Fund - Class A			JNL/Vanguard U.S. Stock Market Index Fund - Class I			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I		JNL/Westchester Capital Event Driven Fund - Class A
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	828,650		$	28,389	$	—
Expenses
	Asset-based charges		2,576,910			20,547			7,473,440			71,269			3,604,465			26,243		472,006
Total expenses			2,576,910			20,547			7,473,440			71,269			3,604,465			26,243		472,006
Net investment income (loss)			(2,576,910	)		(20,547	)		(7,473,440	)		(71,269	)		(2,775,815	)		2,146		(472,006	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			6,941,517			162,247		—
	Investments		(2,413,982	)		(22,538	)		14,278,248			558,314			10,801,238			300,082		(247,346	)
Net change in unrealized appreciation
	(depreciation) on investments		32,232,111			1,007,038			110,868,083			3,483,854			68,953,733			1,649,060		1,305,244
Net realized and unrealized gain (loss)			29,818,129			984,500			125,146,331			4,042,168			86,696,488			2,111,389		1,057,898
Net change in net assets
	from operations	$	27,241,219		$	963,953		$	117,672,891		$	3,970,899		$	83,920,673		$	2,113,535	$	585,892

See Notes to the Financial Statements.

38

Jackson National Separate Account I
Statements of Assets and Liabilities
December 31, 2020
		JNL/Westchester Capital Event Driven Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A			JNL/WMC Value Fund - Class I
Assets
Investments, at fair value		$	743,323		$	8,613,750,846		$	49,118,529		$	2,259,746,758		$	40,751,978		$	692,118,486		$	3,973,424
Receivables:
	Investments in Fund shares sold		9			7,949,362			1,527			2,265,094			30,243			397,729			10,225
	Investment Division units sold		—			2,370,963			6,366			8,215,956			9,914			200,834			49,294
Total assets			743,332			8,624,071,171			49,126,422			2,270,227,808			40,792,135			692,717,049			4,032,943
Liabilities
Payables:
	Investments in Fund shares purchased		—			2,370,963			6,366			8,215,956			9,914			200,834			49,294
	Investment Division units redeemed		—			7,644,119			940			2,186,728			29,760			371,730			10,178
	Insurance fees due to Jackson		9			305,243			587			78,366			483			25,999			47
Total liabilities			9			10,320,325			7,893			10,481,050			40,157			598,563			59,519
Net assets		$	743,323		$	8,613,750,846		$	49,118,529		$	2,259,746,758		$	40,751,978		$	692,118,486		$	3,973,424
Investments in Funds, shares outstanding			62,993			299,608,725			1,643,860			2,259,746,758			40,751,978			28,730,531			159,192
Investments in Funds, at cost		$	671,653		$	6,713,963,293		$	42,421,174		$	2,259,746,758		$	40,751,978		$	616,458,552		$	3,651,701
Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Westchester Capital Event Driven Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A			JNL/WMC Value Fund - Class I
Investment Income
Dividends		$	—		$	—		$	—		$	3,752,964		$	77,624		$	—		$	—
Expenses
	Asset-based charges		2,495			103,670,547			177,672			25,724,918			124,794			8,915,013			11,003
Total expenses			2,495			103,670,547			177,672			25,724,918			124,794			8,915,013			11,003
Net investment income (loss)			(2,495	)		(103,670,547	)		(177,672	)		(21,971,954	)		(47,170	)		(8,915,013	)		(11,003	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		78			214,920,328			760,079			—			—			(5,423,302	)		(42,507	)
Net change in unrealized appreciation
	(depreciation) on investments		31,626			413,453,516			3,459,774			—			—			2,317,642			217,814
Net realized and unrealized gain (loss)			31,704			628,373,844			4,219,853			—			—			(3,105,660	)		175,307
Net change in net assets
	from operations	$	29,209		$	524,703,297		$	4,042,181		$	(21,971,954	)	$	(47,170	)	$	(12,020,673	)	$	164,304

See Notes to the Financial Statements.

39

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL Institutional Alt 100 Fund - Class A(a)			JNL Institutional Alt 25 Fund - Class A(a)			JNL Institutional Alt 25 Fund - Class I(a)			JNL Institutional Alt 50 Fund - Class A(a)			JNL Institutional Alt 50 Fund - Class I(a)			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class A(a)			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I(a)
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		587,231			9,933,695			1,267			8,332,632			1,613			164,086			1,524
Total expenses			587,231			9,933,695			1,267			8,332,632			1,613			164,086			1,524
Net investment income (loss)			(587,231	)		(9,933,695	)		(1,267	)		(8,332,632	)		(1,613	)		(164,086	)		(1,524	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(11,340,954	)		78,961,699			(36,500	)		51,059,677			(54,869	)		(3,729,330	)		(65,540	)
Net change in unrealized appreciation
	(depreciation) on investments		(10,022,976	)		(400,448,447	)		(87,672	)		(292,310,223	)		(90,179	)		(2,468,623	)		(80,027	)
Net realized and unrealized gain (loss)			(21,363,930	)		(321,486,748	)		(124,172	)		(241,250,546	)		(145,048	)		(6,197,953	)		(145,567	)
Net change in net assets
	from operations	$	(21,951,161	)	$	(331,420,443	)	$	(125,439	)	$	(249,583,178	)	$	(146,661	)	$	(6,362,039	)	$	(147,091	)

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

40

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/FAMCO Flex Core Covered Call Fund - Class A(a)			JNL/FAMCO Flex Core Covered Call Fund - Class I(a)			JNL/FPA + DoubleLine Flexible Allocation Fund - Class A(a)			JNL/FPA + DoubleLine Flexible Allocation Fund - Class I(a)			JNL/Franklin Templeton Global Fund - Class A(a)			JNL/Franklin Templeton Global Fund - Class I(a)			JNL/Goldman Sachs Emerging Markets Debt Fund - Class A(a)
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		446,647			1,248			5,713,929			1,522			1,559,901			1,790			400,022
Total expenses			446,647			1,248			5,713,929			1,522			1,559,901			1,790			400,022
Net investment income (loss)			(446,647	)		(1,248	)		(5,713,929	)		(1,522	)		(1,559,901	)		(1,790	)		(400,022	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(18,053,909	)		(148,126	)		(114,034,926	)		(105,395	)		(69,708,749	)		(224,686	)		(14,243,536	)
Net change in unrealized appreciation
	(depreciation) on investments		(9,290,410	)		(48,352	)		(98,539,078	)		(64,498	)		(8,217,940	)		(46,181	)		(1,261,472	)
Net realized and unrealized gain (loss)			(27,344,319	)		(196,478	)		(212,574,004	)		(169,893	)		(77,926,689	)		(270,867	)		(15,505,008	)
Net change in net assets
	from operations	$	(27,790,966	)	$	(197,726	)	$	(218,287,933	)	$	(171,415	)	$	(79,486,590	)	$	(272,657	)	$	(15,905,030	)

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

41

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Invesco China-India Fund - Class A(a)			JNL/Invesco China-India Fund - Class I(a)			JNL/Mellon S&P 1500 Growth Index Fund - Class A(a)			JNL/Mellon S&P 1500 Growth Index Fund - Class I(a)			JNL/Mellon S&P 1500 Value Index Fund - Class A(a)			JNL/Mellon S&P 1500 Value Index Fund - Class I(a)			JNL/Neuberger Berman Currency Fund - Class A(a)
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		1,913,537			1,622			603,661			8,237			383,007			6,135			35,267
Total expenses			1,913,537			1,622			603,661			8,237			383,007			6,135			35,267
Net investment income (loss)			(1,913,537	)		(1,622	)		(603,661	)		(8,237	)		(383,007	)		(6,135	)		(35,267	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(28,693,521	)		(119,243	)		1,332,854			(183,533	)		(11,430,373	)		(607,282	)		(271,902	)
Net change in unrealized appreciation
	(depreciation) on investments		(40,532,150	)		(49,043	)		(14,687,894	)		(515,685	)		(11,031,358	)		(491,661	)		24,048
Net realized and unrealized gain (loss)			(69,225,671	)		(168,286	)		(13,355,040	)		(699,218	)		(22,461,731	)		(1,098,943	)		(247,854	)
Net change in net assets
	from operations	$	(71,139,208	)	$	(169,908	)	$	(13,958,701	)	$	(707,455	)	$	(22,844,738	)	$	(1,105,078	)	$	(283,121	)

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

42

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/Neuberger Berman Currency Fund - Class I(a)			JNL/Nicholas Convertible Arbitrage Fund - Class A(a)			JNL/Nicholas Convertible Arbitrage Fund - Class I(a)			JNL/Oppenheimer Emerging Markets Innovator Fund - Class A(a)			JNL/PPM America Mid Cap Value Fund - Class A(a)			JNL/PPM America Mid Cap Value Fund - Class I(a)			JNL/PPM America Value Equity Fund - Class A(a)
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		121			209,811			193			105,843			1,629,649			2,126			685,612
Total expenses			121			209,811			193			105,843			1,629,649			2,126			685,612
Net investment income (loss)			(121	)		(209,811	)		(193	)		(105,843	)		(1,629,649	)		(2,126	)		(685,612	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(2,219	)		1,011,702			2,188			(9,177,302	)		(182,737,000	)		(634,723	)		(18,690,403	)
Net change in unrealized appreciation
	(depreciation) on investments		294			(2,892,448	)		(5,813	)		(895,687	)		17,100,052			6,994			(33,686,915	)
Net realized and unrealized gain (loss)			(1,925	)		(1,880,746	)		(3,625	)		(10,072,989	)		(165,636,948	)		(627,729	)		(52,377,318	)
Net change in net assets
	from operations	$	(2,046	)	$	(2,090,557	)	$	(3,818	)	$	(10,178,832	)	$	(167,266,597	)	$	(629,855	)	$	(53,062,930	)

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

43

Jackson National Separate Account I
Statements of Operations
For the Year Ended December 31, 2020
		JNL/PPM America Value Equity Fund - Class I(a)			JNL/S&P Mid 3 Fund - Class A(a)			JNL/S&P Mid 3 Fund - Class I(a)			JNL/Scout Unconstrained Bond Fund - Class A(a)			JNL/The London Company Focused U.S. Equity Fund - Class A(a)			JNL/The London Company Focused U.S. Equity Fund - Class I(a)			JNL/VanEck International Gold Fund - Class A(a)
Investment Income
Dividends		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Expenses
	Asset-based charges		1,153			670,163			708			121,515			96,938			1,363			200,891
Total expenses			1,153			670,163			708			121,515			96,938			1,363			200,891
Net investment income (loss)			(1,153	)		(670,163	)		(708	)		(121,515	)		(96,938	)		(1,363	)		(200,891	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Distributions from investment companies		—			—			—			—			—			—			—
	Investments		(187,377	)		(63,982,951	)		(250,938	)		188,512			(7,454,909	)		(290,672	)		11,760,578
Net change in unrealized appreciation
	(depreciation) on investments		(81,335	)		(8,378,341	)		6,918			(1,598,632	)		1,204,235			83,941			(8,174,843	)
Net realized and unrealized gain (loss)			(268,712	)		(72,361,292	)		(244,020	)		(1,410,120	)		(6,250,674	)		(206,731	)		3,585,735
Net change in net assets
	from operations	$	(269,865	)	$	(73,031,455	)	$	(244,728	)	$	(1,531,635	)	$	(6,347,612	)	$	(208,094	)	$	3,384,844

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

44

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Growth Allocation Fund - Class A			JNL Growth Allocation Fund - Class I			JNL iShares Tactical Growth Fund - Class A
Operations
Net investment income (loss)		$	(17,131,389	)	$	(34,509	)	$	(6,986,223	)	$	(20,812	)	$	(27,087,149	)	$	(51,130	)	$	1,882,315
Net realized gain (loss) on investments			53,641,441			184,712			17,889,967			103,824			94,196,418			86,267			19,777,200
Net change in unrealized appreciation
	(depreciation) on investments		158,767,877			1,105,590			38,526,622			320,650			206,712,288			1,810,071			4,913,994
Net change in net assets
	from operations		195,277,929			1,255,793			49,430,366			403,662			273,821,557			1,845,208			26,573,509
Contract transactions
Purchase payments			80,468,520			2,809,082			83,493,978			2,162,278			93,398,138			2,670,436			34,810,544
Surrenders and terminations			(97,464,922	)		(58,268	)		(71,877,884	)		(236,582	)		(147,675,061	)		(919,383	)		(22,616,612	)
Transfers between Investment Divisions			(54,502,997	)		(1,737,337	)		259,469,989			652,684			(120,560,700	)		(710,552	)		(6,051,636	)
Contract owner charges			(15,219,696	)		(113,049	)		(3,900,685	)		(40,828	)		(25,094,818	)		(89,681	)		(836,666	)
Net change in net assets
	from contract transactions		(86,719,095	)		900,428			267,185,398			2,537,552			(199,932,441	)		950,820			5,305,630
Net change in net assets			108,558,834			2,156,221			316,615,764			2,941,214			73,889,116			2,796,028			31,879,139
Net assets beginning of year			1,427,117,160			8,118,135			427,061,318			3,152,694			2,261,023,227			11,608,831			227,774,038
Net assets end of year		$	1,535,675,994		$	10,274,356		$	743,677,082		$	6,093,908		$	2,334,912,343		$	14,404,859		$	259,653,177
Contract unit transactions
Units outstanding at beginning of year			88,414,508			524,766			34,935,216			245,196			134,805,265			703,154			13,159,590
Units issued			14,849,134			259,992			47,639,223			525,256			16,943,820			246,253			5,263,512
Units redeemed			(20,377,983	)		(196,723	)		(25,119,793	)		(331,856	)		(29,517,547	)		(193,303	)		(4,870,234	)
Units outstanding at end of year			82,885,659			588,035			57,454,646			438,596			122,231,538			756,104			13,552,868
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	225,623,244		$	3,867,048		$	570,685,725		$	6,786,548		$	270,866,969		$	3,951,731		$	103,337,176
Proceeds from sales		$	329,473,728		$	3,001,130		$	310,486,549		$	4,269,808		$	497,886,559		$	3,052,040		$	82,641,691

See Notes to the Financial Statements.

45

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A			JNL iShares Tactical Moderate Growth Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I
Operations
Net investment income (loss)		$	75,206		$	1,197,084		$	77,930		$	2,541,045		$	88,314		$	(24,091,491	)	$	(42,699	)
Net realized gain (loss) on investments			243,460			8,324,744			124,811			19,168,842			238,076			37,028,552			279,588
Net change in unrealized appreciation
	(depreciation) on investments		169,311			2,988,191			67,633			2,874,219			168,848			375,848,969			1,402,081
Net change in net assets
	from operations		487,977			12,510,019			270,374			24,584,106			495,238			388,786,030			1,638,970
Contract transactions
Purchase payments			1,701,469			17,116,756			4,678,352			26,009,516			1,720,499			79,150,014			2,879,822
Surrenders and terminations			(38,722	)		(17,259,043	)		(8,600	)		(24,220,342	)		(104,229	)		(142,235,001	)		(419,813	)
Transfers between Investment Divisions			(233,350	)		19,958,266			(1,858,609	)		(7,669,709	)		(611,832	)		1,733,256,498			3,639,049
Contract owner charges			(42,383	)		(714,986	)		(39,847	)		(684,093	)		(43,292	)		(21,064,613	)		(66,992	)
Net change in net assets
	from contract transactions		1,387,014			19,100,993			2,771,296			(6,564,628	)		961,146			1,649,106,898			6,032,066
Net change in net assets			1,874,991			31,611,012			3,041,670			18,019,478			1,456,384			2,037,892,928			7,671,036
Net assets beginning of year			3,075,046			139,383,480			1,910,777			264,879,235			3,340,458			563,413,187			5,882,843
Net assets end of year		$	4,950,037		$	170,994,492		$	4,952,447		$	282,898,713		$	4,796,842		$	2,601,306,115		$	13,553,879
Contract unit transactions
Units outstanding at beginning of year			192,257			10,387,809			140,896			16,949,700			223,032			40,186,154			402,153
Units issued			109,441			5,859,254			386,048			4,263,649			161,210			156,794,742			633,446
Units redeemed			(24,832	)		(4,344,225	)		(186,352	)		(4,725,458	)		(95,026	)		(26,412,867	)		(210,358	)
Units outstanding at end of year			276,866			11,902,838			340,592			16,487,891			289,216			170,568,029			825,241
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	2,098,572		$	84,809,140		$	5,427,212		$	83,534,229		$	2,700,945		$	2,014,877,790		$	9,247,736
Proceeds from sales		$	390,021		$	59,228,761		$	2,427,591		$	73,754,810		$	1,412,473		$	389,862,383		$	3,258,369

See Notes to the Financial Statements.

46

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A			JNL Multi-Manager Alternative Fund - Class I(a)			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A
Operations
Net investment income (loss)		$	(47,651,089	)	$	(25,420	)	$	(1,350,417	)	$	(1,225	)	$	1,691,749		$	82,724		$	27,327
Net realized gain (loss) on investments			101,696,224			390,138			2,457,748			1,706			11,994,474			(44,063	)		(327,217	)
Net change in unrealized appreciation
	(depreciation) on investments		705,246,081			772,201			22,574,802			46,847			205,699,077			1,450,316			386,669
Net change in net assets
	from operations		759,291,216			1,136,919			23,682,133			47,328			219,385,300			1,488,977			86,779
Contract transactions
Purchase payments			92,896,239			4,415,114			4,393,175			481,244			17,371,083			1,148,584			680,759
Surrenders and terminations			(301,717,467	)		(535,059	)		(19,346,265	)		(21,411	)		(46,349,589	)		(155,758	)		(254,476	)
Transfers between Investment Divisions			2,005,028,687			(1,093,058	)		164,157,744			333,050			332,133,490			1,469,219			(2,550,514	)
Contract owner charges			(42,790,548	)		(70,174	)		(108,622	)		(2,992	)		(7,173,069	)		(74,184	)		(1,950	)
Net change in net assets
	from contract transactions		1,753,416,911			2,716,823			149,096,032			789,891			295,981,915			2,387,861			(2,126,181	)
Net change in net assets			2,512,708,127			3,853,742			172,778,165			837,219			515,367,215			3,876,838			(2,039,402	)
Net assets beginning of year			2,219,871,730			3,966,175			15,123,273			—			392,405,072			5,455,312			6,057,508
Net assets end of year		$	4,732,579,857		$	7,819,917		$	187,901,438		$	837,219		$	907,772,287		$	9,332,150		$	4,018,106
Contract unit transactions
Units outstanding at beginning of year			132,586,318			260,373			1,459,405			—			27,344,991			314,247			576,677
Units issued			167,967,258			377,265			19,252,272			75,370			48,265,303			373,277			274,585
Units redeemed			(44,124,902	)		(184,186	)		(3,637,692	)		(3,198	)		(16,579,291	)		(190,465	)		(559,079	)
Units outstanding at end of year			256,428,674			453,452			17,073,985			72,172			59,031,003			497,059			292,183
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	2,464,159,174		$	6,195,529		$	186,473,487		$	826,485		$	513,213,571		$	5,396,408		$	2,984,424
Proceeds from sales		$	758,393,352		$	3,504,126		$	38,727,873		$	37,818		$	215,539,907		$	2,925,823		$	5,083,278

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Changes in Net Assets is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

47

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I			JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I
Operations
Net investment income (loss)		$	(2,532,847	)	$	(17,138	)	$	(26,183,375	)	$	(70,764	)	$	(7,577,809	)	$	(13,508	)	$	(480,435	)
Net realized gain (loss) on investments			2,274,786			51,758			123,424,727			654,073			(16,945,615	)		(51,523	)		3,501,270
Net change in unrealized appreciation
	(depreciation) on investments		28,171,717			779,918			676,069,920			6,449,612			56,982,642			475,260			20,861,082
Net change in net assets
	from operations		27,913,656			814,538			773,311,272			7,032,921			32,459,218			410,229			23,881,917
Contract transactions
Purchase payments			28,233,157			1,547,900			142,663,950			6,215,862			26,599,168			1,584,106			65,978,009
Surrenders and terminations			(8,773,269	)		(83,315	)		(122,816,838	)		(340,767	)		(36,257,619	)		(105,267	)		(2,657,477	)
Transfers between Investment Divisions			19,049,583			966,009			(83,480,711	)		2,371,578			3,006,407			(110,834	)		821,178
Contract owner charges			(2,351,399	)		(42,781	)		(23,273,054	)		(158,682	)		(6,703,413	)		(34,890	)		(1,044,427	)
Net change in net assets
	from contract transactions		36,158,072			2,387,813			(86,906,653	)		8,087,991			(13,355,457	)		1,333,115			63,097,283
Net change in net assets			64,071,728			3,202,351			686,404,619			15,120,912			19,103,761			1,743,344			86,979,200
Net assets beginning of year			192,437,232			2,783,770			1,869,734,627			11,377,584			665,293,985			3,022,121			81,274,023
Net assets end of year		$	256,508,960		$	5,986,121		$	2,556,139,246		$	26,498,496		$	684,397,746		$	4,765,465		$	168,253,223
Contract unit transactions
Units outstanding at beginning of year			13,359,596			186,311			29,270,078			126,176			28,692,228			104,799			6,119,077
Units issued			8,510,267			230,333			7,916,216			169,773			7,638,604			134,155			7,671,805
Units redeemed			(6,128,583	)		(66,545	)		(9,610,660	)		(94,034	)		(8,074,762	)		(82,010	)		(3,031,579	)
Units outstanding at end of year			15,741,280			350,099			27,575,634			201,915			28,256,070			156,944			10,759,303
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	117,070,193		$	3,350,370		$	545,856,610		$	16,704,655		$	146,430,455		$	3,428,688		$	102,968,407
Proceeds from sales		$	83,444,968		$	979,695		$	658,946,637		$	8,687,427		$	167,363,722		$	2,109,083		$	40,351,559

See Notes to the Financial Statements.

48

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Blue Chip Income and Growth Fund - Class A			JNL/American Funds Blue Chip Income and Growth Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I			JNL/American Funds Capital World Bond Fund - Class A
Operations
Net investment income (loss)		$	(20,837,557	)	$	(119,206	)	$	(37,330,820	)	$	(69,690	)	$	(1,685,523	)	$	(15,040	)	$	(6,144,786	)
Net realized gain (loss) on investments			23,662,129			625,548			132,443,723			78,253			(1,513,614	)		54,255			7,396,129
Net change in unrealized appreciation
	(depreciation) on investments		172,807,667			3,501,875			94,864,446			1,961,518			8,204,779			276,562			32,075,622
Net change in net assets
	from operations		175,632,239			4,008,217			189,977,349			1,970,081			5,005,642			315,777			33,326,965
Contract transactions
Purchase payments			311,749,299			9,506,128			148,213,215			5,893,315			47,559,426			1,233,704			18,477,257
Surrenders and terminations			(84,363,902	)		(773,183	)		(173,110,039	)		(216,770	)		(4,545,208	)		(78,643	)		(31,477,714	)
Transfers between Investment Divisions			90,217,521			251,625			(101,563,209	)		273,192			4,337,962			107,300			(6,027,333	)
Contract owner charges			(20,120,571	)		(276,810	)		(37,782,996	)		(190,732	)		(1,397,559	)		(30,428	)		(6,056,020	)
Net change in net assets
	from contract transactions		297,482,347			8,707,760			(164,243,029	)		5,759,005			45,954,621			1,231,933			(25,083,810	)
Net change in net assets			473,114,586			12,715,977			25,734,320			7,729,086			50,960,263			1,547,710			8,243,155
Net assets beginning of year			1,466,520,586			21,731,585			3,046,357,744			14,079,093			120,087,774			2,892,372			468,665,728
Net assets end of year		$	1,939,635,172		$	34,447,562		$	3,072,092,064		$	21,808,179		$	171,048,037		$	4,440,082		$	476,908,883
Contract unit transactions
Units outstanding at beginning of year			79,873,036			885,039			133,327,801			537,449			11,027,376			261,612			42,769,916
Units issued			34,228,374			690,689			19,466,767			429,568			8,582,847			235,379			9,132,803
Units redeemed			(19,015,110	)		(322,519	)		(27,219,652	)		(197,080	)		(4,313,671	)		(109,928	)		(11,709,625	)
Units outstanding at end of year			95,086,300			1,253,209			125,574,916			769,937			15,296,552			387,063			40,193,094
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	633,559,715		$	16,648,217		$	411,848,019		$	10,478,535		$	88,052,397		$	2,373,310		$	103,404,865
Proceeds from sales		$	356,914,924		$	8,059,662		$	613,421,868		$	4,789,220		$	43,783,298		$	1,156,417		$	134,633,462

See Notes to the Financial Statements.

49

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A			JNL/American Funds Growth Allocation Fund - Class I
Operations
Net investment income (loss)		$	(11,461	)	$	(6,063,698	)	$	(43,162	)	$	(8,851,403	)	$	(21,823	)	$	(36,017,425	)	$	(93,262	)
Net realized gain (loss) on investments			38,398			26,259,419			475,714			25,874,905			93,158			117,019,950			641,422
Net change in unrealized appreciation
	(depreciation) on investments		213,019			123,413,273			2,707,921			154,565,080			1,438,910			427,467,751			4,257,647
Net change in net assets
	from operations		239,956			143,608,994			3,140,473			171,588,582			1,510,245			508,470,276			4,805,807
Contract transactions
Purchase payments			480,201			94,837,578			4,581,385			38,004,131			1,455,989			296,681,408			10,539,230
Surrenders and terminations			(219,915	)		(29,780,913	)		(219,267	)		(34,051,811	)		(139,687	)		(136,394,741	)		(579,074	)
Transfers between Investment Divisions			772,222			73,984,510			867,860			(46,522,638	)		(35,941	)		13,048,016			(27,158	)
Contract owner charges			(20,798	)		(3,617,333	)		(108,582	)		(8,850,943	)		(51,583	)		(34,828,318	)		(241,187	)
Net change in net assets
	from contract transactions		1,011,710			135,423,842			5,121,396			(51,421,261	)		1,228,778			138,506,365			9,691,811
Net change in net assets			1,251,666			279,032,836			8,261,869			120,167,321			2,739,023			646,976,641			14,497,618
Net assets beginning of year			2,181,073			425,321,726			6,994,609			707,894,220			4,662,029			2,668,218,952			16,541,239
Net assets end of year		$	3,432,739		$	704,354,562		$	15,256,478		$	828,061,541		$	7,401,052		$	3,315,195,593		$	31,038,857
Contract unit transactions
Units outstanding at beginning of year			173,046			23,758,207			390,741			39,195,264			224,784			148,120,168			868,473
Units issued			142,264			16,079,825			411,931			7,589,879			124,756			37,003,870			863,523
Units redeemed			(66,753	)		(9,145,524	)		(151,023	)		(10,901,216	)		(73,160	)		(29,937,464	)		(374,324	)
Units outstanding at end of year			248,557			30,692,508			651,649			35,883,927			276,380			155,186,574			1,357,672
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,867,603		$	301,951,026		$	8,067,309		$	136,256,357		$	2,661,138		$	673,243,633		$	16,816,247
Proceeds from sales		$	867,354		$	172,590,882		$	2,989,075		$	196,529,020		$	1,454,183		$	570,754,694		$	7,217,698

See Notes to the Financial Statements.

50

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I			JNL/American Funds Moderate Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(21,314,511	)	$	(135,201	)	$	(92,024,829	)	$	(266,435	)	$	(20,850,920	)	$	(44,047	)	$	(30,545,245	)
Net realized gain (loss) on investments			124,459,826			3,377,912			386,413,385			1,283,456			22,361,789			(188,133	)		88,791,531
Net change in unrealized appreciation
	(depreciation) on investments		714,194,131			11,393,047			524,023,159			8,619,131			176,238,743			1,765,627			292,947,334
Net change in net assets
	from operations		817,339,446			14,635,758			818,411,715			9,636,152			177,749,612			1,533,447			351,193,620
Contract transactions
Purchase payments			475,083,176			12,459,464			731,843,174			26,883,482			71,933,802			2,962,876			206,026,273
Surrenders and terminations			(93,070,398	)		(725,123	)		(375,254,409	)		(1,014,164	)		(86,703,810	)		(146,022	)		(144,925,164	)
Transfers between Investment Divisions			587,410,000			4,006,595			(336,814,320	)		(3,522,783	)		(139,274,151	)		(567,814	)		(9,931,803	)
Contract owner charges			(15,130,029	)		(322,204	)		(88,629,657	)		(785,042	)		(19,182,877	)		(110,044	)		(27,520,478	)
Net change in net assets
	from contract transactions		954,292,749			15,418,732			(68,855,212	)		21,561,493			(173,227,036	)		2,138,996			23,648,828
Net change in net assets			1,771,632,195			30,054,490			749,556,503			31,197,645			4,522,576			3,672,443			374,842,448
Net assets beginning of year			1,108,231,987			19,893,460			7,349,008,047			52,426,519			1,826,376,890			9,844,615			2,294,071,276
Net assets end of year		$	2,879,864,182		$	49,947,950		$	8,098,564,550		$	83,624,164		$	1,830,899,466		$	13,517,058		$	2,668,913,724
Contract unit transactions
Units outstanding at beginning of year			42,509,514			717,779			283,739,162			1,784,525			118,439,258			557,849			144,591,590
Units issued			48,798,950			947,747			56,238,680			1,299,419			17,157,180			334,096			27,245,486
Units redeemed			(17,212,921	)		(476,543	)		(60,112,864	)		(571,355	)		(29,718,825	)		(217,141	)		(26,678,472	)
Units outstanding at end of year			74,095,543			1,188,983			279,864,978			2,512,589			105,877,613			674,804			145,158,604
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,469,493,724		$	31,429,826		$	1,412,009,531		$	37,962,176		$	239,060,063		$	5,501,303		$	444,678,833
Proceeds from sales		$	536,515,486		$	16,146,295		$	1,572,889,573		$	16,667,118		$	433,138,018		$	3,406,353		$	451,575,250

See Notes to the Financial Statements.

51

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A			JNL/AQR Large Cap Defensive Style Fund - Class I			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I
Operations
Net investment income (loss)		$	(72,981	)	$	(17,560,421	)	$	(61,060	)	$	(502,328	)	$	(5,097	)	$	(3,370,306	)	$	(4,178	)
Net realized gain (loss) on investments			59,155			49,795,205			202,334			571,643			26,292			7,787,988			(23,424	)
Net change in unrealized appreciation
	(depreciation) on investments		2,557,338			230,018,516			3,336,965			4,843,895			179,795			17,009,197			63,239
Net change in net assets
	from operations		2,543,512			262,253,300			3,478,239			4,913,210			200,990			21,426,879			35,637
Contract transactions
Purchase payments			3,713,071			73,539,087			3,778,094			9,540,779			599,334			2,979,063			10,594
Surrenders and terminations			(537,436	)		(68,058,571	)		(257,149	)		(2,686,516	)		(34,325	)		(16,947,166	)		(14,284	)
Transfers between Investment Divisions			(1,373,049	)		(86,602,043	)		1,017,642			5,627,329			311,721			(22,931,841	)		(251,685	)
Contract owner charges			(140,766	)		(17,694,593	)		(148,607	)		(400,482	)		(5,312	)		(3,132,686	)		(11,995	)
Net change in net assets
	from contract transactions		1,661,820			(98,816,120	)		4,389,980			12,081,110			871,418			(40,032,630	)		(267,370	)
Net change in net assets			4,205,332			163,437,180			7,868,219			16,994,320			1,072,408			(18,605,751	)		(231,733	)
Net assets beginning of year			15,404,728			1,390,051,622			12,214,492			34,341,963			570,037			283,683,811			1,211,086
Net assets end of year		$	19,610,060		$	1,553,488,802		$	20,082,711		$	51,336,283		$	1,642,445		$	265,078,060		$	979,353
Contract unit transactions
Units outstanding at beginning of year			917,569			94,944,197			727,988			3,231,396			53,349			15,836,646			55,913
Units issued			402,962			17,119,315			543,475			4,795,580			122,653			1,730,657			6,882
Units redeemed			(323,324	)		(24,783,198	)		(296,822	)		(3,651,363	)		(38,321	)		(4,094,138	)		(22,028	)
Units outstanding at end of year			997,207			87,280,314			974,641			4,375,613			137,681			13,473,165			40,767
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	6,756,561		$	245,027,573		$	9,062,249		$	49,428,639		$	1,288,248		$	28,926,612		$	145,064
Proceeds from sales		$	5,167,722		$	361,404,114		$	4,733,329		$	37,849,857		$	421,927		$	72,329,548		$	416,613

See Notes to the Financial Statements.

52

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/AQR Managed Futures Strategy Fund - Class A			JNL/BlackRock Advantage International Fund - Class A			JNL/BlackRock Advantage International Fund - Class I			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A			JNL/BlackRock Global Natural Resources Fund - Class I
Operations
Net investment income (loss)		$	(793,324	)	$	(59,015	)	$	1,092		$	(42,850,784	)	$	(68,325	)	$	(7,109,555	)	$	(8,817	)
Net realized gain (loss) on investments			(6,974,518	)		(41,756	)		7,381			90,597,250			486,249			(37,987,501	)		(124,213	)
Net change in unrealized appreciation
	(depreciation) on investments		5,560,098			1,653,980			53,150			473,105,946			2,563,904			75,988,035			121,128
Net change in net assets
	from operations		(2,207,744	)		1,553,209			61,623			520,852,412			2,981,828			30,890,979			(11,902	)
Contract transactions
Purchase payments			1,711,147			4,671,582			363,557			81,783,126			2,385,480			15,100,490			582,208
Surrenders and terminations			(9,287,330	)		(102,717	)		(67	)		(232,810,490	)		(299,051	)		(44,812,369	)		(443,864	)
Transfers between Investment Divisions			(6,103,118	)		3,708,462			11,786			(200,269,937	)		(509,506	)		38,636,319			(674,381	)
Contract owner charges			(150,613	)		(79,674	)		(4,590	)		(42,432,633	)		(212,728	)		(6,704,094	)		(35,362	)
Net change in net assets
	from contract transactions		(13,829,914	)		8,197,653			370,686			(393,729,934	)		1,364,195			2,220,346			(571,399	)
Net change in net assets			(16,037,658	)		9,750,862			432,309			127,122,478			4,346,023			33,111,325			(583,301	)
Net assets beginning of year			84,498,913			3,205,381			159,356			3,409,302,601			14,738,468			601,723,819			3,030,216
Net assets end of year		$	68,461,255		$	12,956,243		$	591,665		$	3,536,425,079		$	19,084,491		$	634,835,144		$	2,446,915
Contract unit transactions
Units outstanding at beginning of year			9,437,446			304,782			15,064			238,754,150			927,916			77,001,154			338,644
Units issued			1,610,206			1,058,321			48,638			20,086,389			531,690			25,479,946			247,633
Units redeemed			(3,164,648	)		(195,244	)		(11,291	)		(47,925,432	)		(448,691	)		(23,978,735	)		(323,334	)
Units outstanding at end of year			7,883,004			1,167,859			52,411			210,915,107			1,010,915			78,502,365			262,943
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	14,310,405		$	10,031,626		$	494,606		$	291,024,320		$	8,508,919		$	161,549,671		$	2,032,882
Proceeds from sales		$	28,933,643		$	1,892,988		$	122,828		$	727,605,039		$	7,213,049		$	166,438,880		$	2,613,098

See Notes to the Financial Statements.

53

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Boston Partners Global Long Short Equity Fund - Class A			JNL/Boston Partners Global Long Short Equity Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A
Operations
Net investment income (loss)		$	(44,024,154	)	$	(121,774	)	$	(393,629	)	$	(2,299	)	$	12,874,777		$	114,286		$	(4,312,392	)
Net realized gain (loss) on investments			306,762,884			2,453,431			(1,839,410	)		(16,828	)		(18,212,551	)		(130,232	)		26,480,182
Net change in unrealized appreciation
	(depreciation) on investments		775,187,684			7,085,612			1,454,538			36,141			20,795,067			304,103			71,266,558
Net change in net assets
	from operations		1,037,926,414			9,417,269			(778,501	)		17,014			15,457,293			288,157			93,434,348
Contract transactions
Purchase payments			240,197,244			8,808,449			2,474,118			284,798			14,185,928			1,260,443			52,667,401
Surrenders and terminations			(193,714,859	)		(921,246	)		(4,215,225	)		(28,231	)		(24,803,978	)		(26,603	)		(17,103,133	)
Transfers between Investment Divisions			19,046,190			2,537,283			729,251			103,572			(9,056,374	)		118,791			12,850,097
Contract owner charges			(40,046,875	)		(311,511	)		(175,119	)		(5,232	)		(4,943,890	)		(26,517	)		(3,796,148	)
Net change in net assets
	from contract transactions		25,481,700			10,112,975			(1,186,975	)		354,907			(24,618,314	)		1,326,114			44,618,217
Net change in net assets			1,063,408,114			19,530,244			(1,965,476	)		371,921			(9,161,021	)		1,614,271			138,052,565
Net assets beginning of year			2,839,944,374			19,637,087			39,687,703			454,830			463,205,939			2,138,251			286,978,268
Net assets end of year		$	3,903,352,488		$	39,167,331		$	37,722,227		$	826,751		$	454,044,918		$	3,752,522		$	425,030,833
Contract unit transactions
Units outstanding at beginning of year			38,242,030			183,437			3,871,430			43,304			29,491,032			98,645			20,684,478
Units issued			12,329,111			204,521			1,715,895			58,157			6,432,609			122,877			13,762,787
Units redeemed			(12,295,384	)		(122,602	)		(1,859,822	)		(22,450	)		(8,320,508	)		(57,259	)		(10,677,469	)
Units outstanding at end of year			38,275,757			265,356			3,727,503			79,011			27,603,133			164,263			23,769,796
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,045,002,938		$	25,102,148		$	15,601,676		$	566,372		$	103,152,835		$	2,469,970		$	202,957,318
Proceeds from sales		$	1,063,545,392		$	15,110,946		$	17,182,280		$	213,764		$	114,896,371		$	1,029,570		$	162,651,493

See Notes to the Financial Statements.

54

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/ClearBridge Large Cap Growth Fund - Class I			JNL/DFA Growth Allocation Fund - Class A			JNL/DFA Growth Allocation Fund - Class I			JNL/DFA International Core Equity Fund - Class A			JNL/DFA International Core Equity Fund - Class I			JNL/DFA Moderate Growth Allocation Fund - Class A			JNL/DFA Moderate Growth Allocation Fund - Class I
Operations
Net investment income (loss)		$	(52,968	)	$	345,095		$	67,161		$	(67,000	)	$	6,951		$	299,311		$	71,274
Net realized gain (loss) on investments			735,224			1,314,384			(32,662	)		770,857			25,406			314,594			42,394
Net change in unrealized appreciation
	(depreciation) on investments		2,927,223			20,266,599			468,219			4,579,018			417,973			15,482,741			465,007
Net change in net assets
	from operations		3,609,479			21,926,078			502,718			5,282,875			450,330			16,096,646			578,675
Contract transactions
Purchase payments			6,088,570			24,773,895			2,353,569			8,397,054			1,055,891			24,465,699			1,472,467
Surrenders and terminations			(131,896	)		(9,175,903	)		(186,763	)		(1,115,837	)		(2,261	)		(7,213,765	)		(57,155	)
Transfers between Investment Divisions			(450,617	)		2,120,186			(1,201,703	)		12,685,681			918,685			13,225,853			(893,049	)
Contract owner charges			(129,096	)		(2,689,589	)		(60,941	)		(198,748	)		(21,383	)		(1,917,024	)		(38,479	)
Net change in net assets
	from contract transactions		5,376,961			15,028,589			904,162			19,768,150			1,950,932			28,560,763			483,784
Net change in net assets			8,986,440			36,954,667			1,406,880			25,051,025			2,401,262			44,657,409			1,062,459
Net assets beginning of year			8,307,768			200,026,667			4,873,734			8,695,471			231,881			157,128,686			5,555,067
Net assets end of year		$	17,294,208		$	236,981,334		$	6,280,614		$	33,746,496		$	2,633,143		$	201,786,095		$	6,617,526
Contract unit transactions
Units outstanding at beginning of year			585,152			17,174,844			401,414			808,649			21,439			13,703,247			469,752
Units issued			691,481			7,753,728			486,347			3,135,337			244,662			5,651,619			186,489
Units redeemed			(342,515	)		(6,292,390	)		(418,720	)		(974,510	)		(38,290	)		(3,172,736	)		(148,106	)
Units outstanding at end of year			934,118			18,636,182			469,041			2,969,476			227,811			16,182,130			508,135
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	10,684,813		$	86,139,046		$	5,735,788		$	29,851,001		$	2,351,729		$	65,210,103		$	2,288,535
Proceeds from sales		$	5,360,820		$	70,765,362		$	4,764,464		$	10,127,582		$	392,179		$	36,350,030		$	1,733,477

See Notes to the Financial Statements.

55

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A			JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
Operations
Net investment income (loss)		$	(13,589,046	)	$	(43,810	)	$	(1,669,621	)	$	(21,641	)	$	(33,604,042	)	$	(73,698	)	$	(1,386,073	)
Net realized gain (loss) on investments			62,992,552			290,573			(9,304,802	)		(480,543	)		22,452,986			83,665			1,214,984
Net change in unrealized appreciation
	(depreciation) on investments		88,734,555			1,793,102			36,651,205			1,311,311			96,152,819			857,072			14,027,131
Net change in net assets
	from operations		138,138,061			2,039,865			25,676,782			809,127			85,001,763			867,039			13,856,042
Contract transactions
Purchase payments			38,324,409			3,707,027			22,010,666			2,149,658			84,227,167			5,552,915			6,652,336
Surrenders and terminations			(67,616,202	)		(158,944	)		(8,497,222	)		(72,001	)		(218,142,674	)		(516,772	)		(7,481,859	)
Transfers between Investment Divisions			(115,808,704	)		(851,902	)		10,279,728			(850,701	)		(41,493,322	)		2,236,481			88,711,691
Contract owner charges			(12,023,039	)		(120,555	)		(1,134,708	)		(52,507	)		(28,680,580	)		(132,125	)		(1,040,839	)
Net change in net assets
	from contract transactions		(157,123,536	)		2,575,626			22,658,464			1,174,449			(204,089,409	)		7,140,499			86,841,329
Net change in net assets			(18,985,475	)		4,615,491			48,335,246			1,983,576			(119,087,646	)		8,007,538			100,697,371
Net assets beginning of year			1,167,572,062			8,424,851			142,659,744			4,924,858			2,591,296,426			13,753,802			45,279,454
Net assets end of year		$	1,148,586,587		$	13,040,342		$	190,994,990		$	6,908,434		$	2,472,208,780		$	21,761,340		$	145,976,825
Contract unit transactions
Units outstanding at beginning of year			28,782,384			147,961			7,541,154			412,296			117,921,518			463,701			3,900,695
Units issued			4,874,560			128,496			5,234,637			380,880			17,471,632			441,144			11,845,974
Units redeemed			(8,937,735	)		(77,955	)		(3,729,916	)		(252,432	)		(27,140,254	)		(206,813	)		(3,392,919	)
Units outstanding at end of year			24,719,209			198,502			9,045,875			540,744			108,252,896			698,032			12,353,750
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	179,760,778		$	6,784,471		$	83,245,140		$	3,943,300		$	394,956,324		$	13,361,419		$	124,447,375
Proceeds from sales		$	350,473,360		$	4,252,655		$	62,256,297		$	2,790,492		$	632,649,775		$	6,294,617		$	38,992,120

See Notes to the Financial Statements.

56

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
Operations
Net investment income (loss)		$	(9,367	)	$	(16,657,541	)	$	(74,371	)	$	(12,538,860	)	$	(49,807	)	$	(12,113,592	)	$	(27,893	)
Net realized gain (loss) on investments			(7,424	)		12,196,744			329,885			14,596,764			241,762			11,141,134			161,515
Net change in unrealized appreciation
	(depreciation) on investments		86,877			159,504,205			2,859,222			9,481,768			66,799			57,456,602			326,675
Net change in net assets
	from operations		70,086			155,043,408			3,114,736			11,539,672			258,754			56,484,144			460,297
Contract transactions
Purchase payments			1,041,267			132,965,649			4,579,605			82,945,371			4,704,558			68,852,638			2,667,448
Surrenders and terminations			(123,351	)		(66,301,352	)		(393,317	)		(80,169,978	)		(329,470	)		(68,042,455	)		(454,386	)
Transfers between Investment Divisions			(60,071	)		(130,165,812	)		890,607			(61,688,948	)		(3,280,728	)		107,612,381			1,513,001
Contract owner charges			(16,262	)		(13,876,274	)		(208,783	)		(9,599,024	)		(118,756	)		(10,987,838	)		(48,243	)
Net change in net assets
	from contract transactions		841,583			(77,377,789	)		4,868,112			(68,512,579	)		975,604			97,434,726			3,677,820
Net change in net assets			911,669			77,665,619			7,982,848			(56,972,907	)		1,234,358			153,918,870			4,138,117
Net assets beginning of year			1,627,562			1,411,536,150			14,825,473			1,012,628,310			11,642,944			832,360,988			3,977,755
Net assets end of year		$	2,539,231		$	1,489,201,769		$	22,808,321		$	955,655,403		$	12,877,302		$	986,279,858		$	8,115,872
Contract unit transactions
Units outstanding at beginning of year			136,372			73,674,672			772,882			88,653,270			993,773			30,186,931			100,312
Units issued			168,090			21,898,728			648,354			29,105,078			980,892			12,236,556			186,694
Units redeemed			(98,185	)		(27,208,508	)		(385,650	)		(35,266,253	)		(905,475	)		(9,134,967	)		(95,612	)
Units outstanding at end of year			206,277			68,364,892			1,035,586			82,492,095			1,069,190			33,288,520			191,394
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,952,137		$	392,908,339		$	11,869,638		$	334,323,999		$	11,718,704		$	355,590,858		$	7,642,856
Proceeds from sales		$	1,119,921		$	486,943,669		$	7,075,897		$	415,375,437		$	10,792,907		$	270,269,724		$	3,992,929

See Notes to the Financial Statements.

57

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/First State Global Infrastructure Fund - Class A			JNL/First State Global Infrastructure Fund - Class I			JNL/Franklin Templeton Global Multisector Bond Fund - Class A			JNL/Franklin Templeton Global Multisector Bond Fund - Class I			JNL/Franklin Templeton Growth Allocation Fund - Class A			JNL/Franklin Templeton Growth Allocation Fund - Class I			JNL/Franklin Templeton Income Fund - Class A
Operations
Net investment income (loss)		$	(7,668,445	)	$	(8,188	)	$	67,076,351		$	499,420		$	(14,390,234	)	$	(6,872	)	$	(20,015,169	)
Net realized gain (loss) on investments			3,357,780			22,488			(27,655,559	)		(127,562	)		50,090,176			109,476			5,752,060
Net change in unrealized appreciation
	(depreciation) on investments		(37,911,886	)		(64,117	)		(84,380,949	)		(551,480	)		56,345,034			113,618			(15,147,287	)
Net change in net assets
	from operations		(42,222,551	)		(49,817	)		(44,960,157	)		(179,622	)		92,044,976			216,222			(29,410,396	)
Contract transactions
Purchase payments			15,731,809			683,555			15,253,061			371,902			19,740,826			—			50,292,136
Surrenders and terminations			(47,899,244	)		(64,239	)		(42,084,981	)		(107,439	)		(86,292,760	)		—			(121,407,503	)
Transfers between Investment Divisions			(55,066,171	)		2,723			6,327,797			737,979			(52,251,345	)		(356,239	)		(95,132,350	)
Contract owner charges			(6,991,165	)		(25,934	)		(5,610,318	)		(21,552	)		(13,601,244	)		—			(17,854,503	)
Net change in net assets
	from contract transactions		(94,224,771	)		596,105			(26,114,441	)		980,890			(132,404,523	)		(356,239	)		(184,102,220	)
Net change in net assets			(136,447,322	)		546,288			(71,074,598	)		801,268			(40,359,547	)		(140,017	)		(213,512,616	)
Net assets beginning of year			714,400,638			1,866,877			579,354,856			2,786,553			1,137,251,174			1,435,876			1,723,946,698
Net assets end of year		$	577,953,316		$	2,413,165		$	508,280,258		$	3,587,821		$	1,096,891,627		$	1,295,859		$	1,510,434,082
Contract unit transactions
Units outstanding at beginning of year			40,641,522			95,446			50,196,290			216,445			79,825,988			90,544			100,913,667
Units issued			5,186,334			103,900			12,218,325			182,629			5,034,979			42,215			11,385,869
Units redeemed			(11,258,132	)		(71,006	)		(14,667,843	)		(99,811	)		(14,732,003	)		(56,917	)		(23,536,627	)
Units outstanding at end of year			34,569,724			128,340			47,746,772			299,263			70,128,964			75,842			88,762,909
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	81,731,592		$	1,865,028		$	206,183,392		$	2,705,722		$	69,904,497		$	599,825		$	180,066,671
Proceeds from sales		$	183,624,809		$	1,277,110		$	165,221,482		$	1,225,412		$	216,699,254		$	962,935		$	384,184,060

See Notes to the Financial Statements.

58

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Franklin Templeton Income Fund - Class I			JNL/Franklin Templeton International Small Cap Fund - Class A			JNL/Franklin Templeton International Small Cap Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A			JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Competitive Advantage Fund - Class A			JNL/Goldman Sachs Competitive Advantage Fund - Class I
Operations
Net investment income (loss)		$	(14,798	)	$	1,907,597		$	46,319		$	(64,180,640	)	$	(56,028	)	$	(11,697,183	)	$	(12,818	)
Net realized gain (loss) on investments			(20,557	)		(28,215,893	)		(142,754	)		252,010,225			(64,190	)		20,410,975			48,787
Net change in unrealized appreciation
	(depreciation) on investments		159,077			(8,098,084	)		111,183			(152,158,311	)		1,301,270			122,327,656			559,297
Net change in net assets
	from operations		123,722			(34,406,380	)		14,748			35,671,274			1,181,052			131,041,448			595,266
Contract transactions
Purchase payments			1,413,042			18,817,468			970,267			97,525,260			5,730,017			26,497,429			1,063,475
Surrenders and terminations			(80,872	)		(27,447,266	)		(137,962	)		(356,466,371	)		(320,727	)		(58,060,188	)		(137,505	)
Transfers between Investment Divisions			40,414			(32,571,748	)		(82,574	)		(614,452,046	)		(1,186,925	)		(120,199,427	)		(202,899	)
Contract owner charges			(32,882	)		(5,328,227	)		(26,596	)		(58,529,724	)		(159,078	)		(10,252,406	)		(32,315	)
Net change in net assets
	from contract transactions		1,339,702			(46,529,773	)		723,135			(931,922,881	)		4,063,287			(162,014,592	)		690,756
Net change in net assets			1,463,424			(80,936,153	)		737,883			(896,251,607	)		5,244,339			(30,973,144	)		1,286,022
Net assets beginning of year			3,182,021			555,346,801			2,243,585			5,955,743,482			11,172,623			964,054,955			2,624,763
Net assets end of year		$	4,645,445		$	474,410,648		$	2,981,468		$	5,059,491,875		$	16,416,962		$	933,081,811		$	3,910,785
Contract unit transactions
Units outstanding at beginning of year			153,063			46,342,843			156,708			222,779,533			461,230			30,553,363			69,974
Units issued			130,574			8,325,766			141,607			18,837,675			347,865			3,432,820			54,803
Units redeemed			(62,313	)		(13,240,512	)		(82,363	)		(58,234,908	)		(183,917	)		(8,810,958	)		(36,489	)
Units outstanding at end of year			221,324			41,428,097			215,952			183,382,300			625,178			25,175,225			88,288
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	2,523,277		$	89,666,851		$	1,747,019		$	433,780,787		$	8,077,678		$	108,907,927		$	2,101,405
Proceeds from sales		$	1,198,374		$	132,462,368		$	966,449		$	1,429,884,308		$	4,070,419		$	282,619,702		$	1,423,468

See Notes to the Financial Statements.

59

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Goldman Sachs Dividend Income & Growth Fund - Class A			JNL/Goldman Sachs Dividend Income & Growth Fund - Class I			JNL/Goldman Sachs International 5 Fund - Class A			JNL/Goldman Sachs International 5 Fund - Class I			JNL/Goldman Sachs Intrinsic Value Fund - Class A			JNL/Goldman Sachs Intrinsic Value Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
Operations
Net investment income (loss)		$	(35,820,528	)	$	(53,464	)	$	(561,314	)	$	(5,576	)	$	(7,519,439	)	$	(14,475	)	$	(28,543,804	)
Net realized gain (loss) on investments			(104,725,423	)		(868,869	)		(3,742,812	)		(75,318	)		(37,347,368	)		(208,726	)		152,907,827
Net change in unrealized appreciation
	(depreciation) on investments		(74,647,000	)		581,693			2,687,335			45,535			23,775,877			381,539			246,012,251
Net change in net assets
	from operations		(215,192,951	)		(340,640	)		(1,616,791	)		(35,359	)		(21,090,930	)		158,338			370,376,274
Contract transactions
Purchase payments			82,760,537			4,452,106			4,770,734			164,282			16,689,820			1,088,435			90,665,190
Surrenders and terminations			(182,637,625	)		(324,279	)		(2,956,082	)		(58,546	)		(39,194,667	)		(103,035	)		(132,979,673	)
Transfers between Investment Divisions			(277,117,101	)		195,972			(2,868,882	)		(196,384	)		(73,376,574	)		(651,070	)		(91,799,789	)
Contract owner charges			(32,711,998	)		(127,946	)		(281,173	)		(16,012	)		(6,945,758	)		(41,434	)		(26,277,583	)
Net change in net assets
	from contract transactions		(409,706,187	)		4,195,853			(1,335,403	)		(106,660	)		(102,827,179	)		292,896			(160,391,855	)
Net change in net assets			(624,899,138	)		3,855,213			(2,952,194	)		(142,019	)		(123,918,109	)		451,234			209,984,419
Net assets beginning of year			3,344,086,383			12,012,303			57,395,094			1,538,730			723,231,626			3,550,896			2,152,146,149
Net assets end of year		$	2,719,187,245		$	15,867,516		$	54,442,900		$	1,396,711		$	599,313,517		$	4,002,130		$	2,362,130,568
Contract unit transactions
Units outstanding at beginning of year			123,016,581			372,349			4,583,242			133,990			28,127,896			115,510			71,618,534
Units issued			14,583,616			320,186			2,403,364			33,956			4,386,082			80,884			9,751,917
Units redeemed			(32,603,908	)		(181,186	)		(2,547,961	)		(45,204	)		(9,064,708	)		(66,354	)		(15,091,032	)
Units outstanding at end of year			104,996,289			511,349			4,438,645			122,742			23,449,270			130,040			66,279,419
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	332,357,808		$	8,930,800		$	24,509,451		$	321,801		$	95,443,254		$	2,092,607		$	290,182,029
Proceeds from sales		$	777,884,523		$	4,788,410		$	26,406,168		$	434,036		$	205,789,872		$	1,814,187		$	479,117,689

See Notes to the Financial Statements.

60

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I			JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I
Operations
Net investment income (loss)		$	(45,562	)	$	(15,326,849	)	$	(8,279	)	$	(65,787,631	)	$	(44,754	)	$	(34,929,289	)	$	(16,994	)
Net realized gain (loss) on investments			280,771			43,448,006			(160,941	)		352,844,697			382,272			119,581,220			175,746
Net change in unrealized appreciation
	(depreciation) on investments		1,390,290			47,475,157			63,307			470,279,429			1,638,870			169,679,483			419,221
Net change in net assets
	from operations		1,625,499			75,596,314			(105,913	)		757,336,495			1,976,388			254,331,414			577,973
Contract transactions
Purchase payments			3,223,297			30,041,571			1,148,833			76,327,780			3,723,512			42,522,335			439,231
Surrenders and terminations			(490,499	)		(101,033,005	)		(185,891	)		(327,552,938	)		(429,891	)		(218,318,865	)		(57,364	)
Transfers between Investment Divisions			(3,257,079	)		33,077,074			(953,407	)		(269,979,076	)		987,404			(76,501,261	)		68,280
Contract owner charges			(158,636	)		(14,777,354	)		(10,682	)		(60,642,734	)		(137,028	)		(33,304,958	)		(23,890	)
Net change in net assets
	from contract transactions		(682,917	)		(52,691,714	)		(1,147	)		(581,846,968	)		4,143,997			(285,602,749	)		426,257
Net change in net assets			942,582			22,904,600			(107,060	)		175,489,527			6,120,385			(31,271,335	)		1,004,230
Net assets beginning of year			10,668,863			1,103,850,356			2,082,694			5,060,005,032			8,148,408			2,650,993,997			3,285,122
Net assets end of year		$	11,611,445		$	1,126,754,956		$	1,975,634		$	5,235,494,559		$	14,268,793		$	2,619,722,662		$	4,289,352
Contract unit transactions
Units outstanding at beginning of year			386,895			71,856,851			143,915			173,818,259			361,689			144,878,804			167,188
Units issued			173,009			18,412,099			308,844			14,376,136			252,497			9,661,714			101,427
Units redeemed			(194,794	)		(21,976,222	)		(327,061	)		(34,809,847	)		(109,048	)		(25,371,693	)		(59,734	)
Units outstanding at end of year			365,110			68,292,728			125,698			153,384,548			505,138			129,168,825			208,881
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	4,627,782		$	277,136,434		$	4,789,076		$	414,054,136		$	6,771,368		$	175,693,349		$	1,702,591
Proceeds from sales		$	5,356,261		$	345,154,996		$	4,798,502		$	1,061,688,734		$	2,672,125		$	496,225,386		$	1,293,329

See Notes to the Financial Statements.

61

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/Goldman Sachs Total Yield Fund - Class A			JNL/Goldman Sachs Total Yield Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Operations
Net investment income (loss)		$	(68,947,014	)	$	(24,985	)	$	(4,215,133	)	$	(3,733	)	$	(1,462,880	)	$	(18,996	)	$	7,156,145
Net realized gain (loss) on investments			298,969,982			646,903			(17,175,890	)		(46,459	)		3,267,305			132,965			(23,468,350	)
Net change in unrealized appreciation
	(depreciation) on investments		411,916,872			517,006			17,731,709			157,207			37,018,436			1,376,891			41,486,540
Net change in net assets
	from operations		641,939,840			1,138,924			(3,659,314	)		107,015			38,822,861			1,490,860			25,174,335
Contract transactions
Purchase payments			73,094,096			1,523,045			7,662,678			477,208			21,661,547			1,974,273			11,559,142
Surrenders and terminations			(403,825,314	)		(59,988	)		(22,843,293	)		(26,586	)		(4,866,486	)		(49,908	)		(28,803,022	)
Transfers between Investment Divisions			(216,122,300	)		(2,814,942	)		(26,972,303	)		57,611			80,153,525			1,646,731			(37,066,670	)
Contract owner charges			(64,347,297	)		(70,561	)		(3,932,102	)		(10,058	)		(1,237,272	)		(49,273	)		(2,809,396	)
Net change in net assets
	from contract transactions		(611,200,815	)		(1,422,446	)		(46,085,020	)		498,175			95,711,314			3,521,823			(57,119,946	)
Net change in net assets			30,739,025			(283,522	)		(49,744,334	)		605,190			134,534,175			5,012,683			(31,945,611	)
Net assets beginning of year			5,311,356,271			5,781,621			390,634,121			792,436			77,122,871			3,197,659			427,770,420
Net assets end of year		$	5,342,095,296		$	5,498,099		$	340,889,787		$	1,397,626		$	211,657,046		$	8,210,342		$	395,824,809
Contract unit transactions
Units outstanding at beginning of year			210,974,234			244,134			17,791,482			30,496			7,340,622			296,343			36,840,312
Units issued			14,357,693			367,518			2,996,983			41,819			12,298,825			447,797			5,919,929
Units redeemed			(39,268,773	)		(399,186	)		(5,424,862	)		(19,612	)		(4,307,762	)		(171,900	)		(11,738,317	)
Units outstanding at end of year			186,063,154			212,466			15,363,603			52,703			15,331,685			572,240			31,021,924
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	354,893,176		$	8,029,109		$	55,729,278		$	928,085		$	141,813,162		$	5,400,604		$	70,004,910
Proceeds from sales		$	1,035,041,005		$	9,476,540		$	106,029,432		$	433,643		$	47,564,728		$	1,897,777		$	119,968,710

See Notes to the Financial Statements.

62

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Operations
Net investment income (loss)		$	164,181		$	144,994		$	13,708		$	(1,237,871	)	$	(10,966	)	$	(21,472,593	)	$	(46,455	)
Net realized gain (loss) on investments			(172,068	)		732,316			67,449			(1,336,691	)		(30,250	)		78,195,089			163,125
Net change in unrealized appreciation
	(depreciation) on investments		711,449			(3,172,421	)		(106,505	)		3,383,003			92,748			307,699,646			2,880,796
Net change in net assets
	from operations		703,562			(2,295,111	)		(25,348	)		808,441			51,532			364,422,142			2,997,466
Contract transactions
Purchase payments			1,196,848			5,220,671			199,493			16,150,448			802,021			41,269,682			1,782,758
Surrenders and terminations			(57,313	)		(1,562,534	)		(18,257	)		(5,176,211	)		(41,252	)		(96,697,462	)		(427,412	)
Transfers between Investment Divisions			146,933			(1,456,864	)		126,544			(213,622	)		184,427			(231,109,014	)		(881,543	)
Contract owner charges			(42,404	)		(344,212	)		(6,441	)		(1,141,952	)		(26,665	)		(19,260,291	)		(119,316	)
Net change in net assets
	from contract transactions		1,244,064			1,857,061			301,339			9,618,663			918,531			(305,797,085	)		354,487
Net change in net assets			1,947,626			(438,050	)		275,991			10,427,104			970,063			58,625,057			3,351,953
Net assets beginning of year			3,510,894			30,837,834			641,242			97,997,820			2,327,810			1,700,378,706			9,997,391
Net assets end of year		$	5,458,520		$	30,399,784		$	917,233		$	108,424,924		$	3,297,873		$	1,759,003,763		$	13,349,344
Contract unit transactions
Units outstanding at beginning of year			294,979			2,673,148			55,409			8,507,544			198,882			59,777,446			266,554
Units issued			307,835			2,406,151			60,006			5,075,026			129,756			5,306,007			170,754
Units redeemed			(190,742	)		(2,295,256	)		(32,991	)		(4,110,460	)		(49,010	)		(16,221,314	)		(156,357	)
Units outstanding at end of year			412,072			2,784,043			82,424			9,472,110			279,628			48,862,139			280,951
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	3,396,544		$	28,426,139		$	759,115		$	50,567,168		$	1,418,759		$	151,179,282		$	6,168,796
Proceeds from sales		$	1,988,298		$	23,771,503		$	367,265		$	42,186,376		$	511,194		$	478,448,960		$	5,860,764

See Notes to the Financial Statements.

63

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Invesco Global Real Estate Fund - Class A			JNL/Invesco Global Real Estate Fund - Class I			JNL/Invesco International Growth Fund - Class A			JNL/Invesco International Growth Fund - Class I			JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A
Operations
Net investment income (loss)		$	(11,546,688	)	$	(9,085	)	$	5,833,060		$	73,018		$	(22,284,445	)	$	(44,719	)	$	(12,241,725	)
Net realized gain (loss) on investments			(24,526,841	)		(60,746	)		20,752,295			60,528			112,338,605			547,851			20,983,462
Net change in unrealized appreciation
	(depreciation) on investments		(116,582,046	)		(106,588	)		58,589,234			427,151			706,157,848			5,171,398			292,937,143
Net change in net assets
	from operations		(152,655,575	)		(176,419	)		85,174,589			560,697			796,212,008			5,674,530			301,678,880
Contract transactions
Purchase payments			19,835,779			966,273			23,007,045			934,515			119,927,720			3,227,393			12,017,301
Surrenders and terminations			(63,479,686	)		(83,011	)		(45,368,452	)		(58,130	)		(101,722,309	)		(477,815	)		(67,803,339	)
Transfers between Investment Divisions			(65,094,721	)		(463,591	)		(68,050,593	)		322,536			(127,550,446	)		2,698,878			1,127,403,799
Contract owner charges			(10,377,842	)		(19,770	)		(8,890,227	)		(36,290	)		(19,471,206	)		(101,418	)		(12,007,486	)
Net change in net assets
	from contract transactions		(119,116,470	)		399,901			(99,302,227	)		1,162,631			(128,816,241	)		5,347,038			1,059,610,275
Net change in net assets			(271,772,045	)		223,482			(14,127,638	)		1,723,328			667,395,767			11,021,568			1,361,289,155
Net assets beginning of year			1,111,643,185			2,436,792			855,463,438			2,824,515			1,660,791,182			8,209,342			33,778,558
Net assets end of year		$	839,871,140		$	2,660,274		$	841,335,800		$	4,547,843		$	2,328,186,949		$	19,230,910		$	1,395,067,713
Contract unit transactions
Units outstanding at beginning of year			54,791,116			102,173			34,100,024			77,628			44,176,977			169,780			2,745,461
Units issued			6,908,832			106,034			4,475,152			68,704			10,370,046			162,761			117,037,673
Units redeemed			(14,008,599	)		(81,114	)		(8,753,534	)		(35,702	)		(14,477,341	)		(78,102	)		(15,211,645	)
Units outstanding at end of year			47,691,349			127,093			29,821,642			110,630			40,069,682			254,439			104,571,489
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	115,042,229		$	2,106,925		$	134,958,180		$	2,537,682		$	440,887,321		$	9,653,436		$	1,239,426,997
Proceeds from sales		$	245,705,386		$	1,716,110		$	214,979,738		$	1,238,761		$	591,988,007		$	4,351,118		$	192,058,446

See Notes to the Financial Statements.

64

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/JPMorgan Global Allocation Fund - Class I			JNL/JPMorgan Growth & Income Fund - Class A			JNL/JPMorgan Growth & Income Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A			JNL/JPMorgan MidCap Growth Fund - Class I
Operations
Net investment income (loss)		$	(4,442	)	$	(7,908,556	)	$	(8,823	)	$	(1,179,196	)	$	15,963		$	(30,214,401	)	$	(89,486	)
Net realized gain (loss) on investments			44,730			1,600,601			(13,732	)		3,332,492			35,603			170,227,100			2,120,951
Net change in unrealized appreciation
	(depreciation) on investments		307,186			10,782,399			319,337			30,919,923			673,915			802,155,825			7,101,370
Net change in net assets
	from operations		347,474			4,474,444			296,782			33,073,219			725,481			942,168,524			9,132,835
Contract transactions
Purchase payments			371,539			20,156,314			871,885			29,992,971			2,341,646			226,897,394			9,906,935
Surrenders and terminations			(14,224	)		(40,606,579	)		(52,098	)		(14,379,286	)		(54,119	)		(143,813,594	)		(781,361	)
Transfers between Investment Divisions			923,874			108,391,095			905,074			188,870,135			2,488,219			182,744,777			2,029,706
Contract owner charges			(12,295	)		(7,399,310	)		(30,361	)		(1,684,263	)		(52,444	)		(24,002,335	)		(201,355	)
Net change in net assets
	from contract transactions		1,268,894			80,541,520			1,694,500			202,799,557			4,723,302			241,826,242			10,953,925
Net change in net assets			1,616,368			85,015,964			1,991,282			235,872,776			5,448,783			1,183,994,766			20,086,760
Net assets beginning of year			21,480			586,356,805			1,391,357			74,524,974			3,568,170			1,982,072,759			14,393,904
Net assets end of year		$	1,637,848		$	671,372,769		$	3,382,639		$	310,397,750		$	9,016,953		$	3,166,067,525		$	34,480,664
Contract unit transactions
Units outstanding at beginning of year			1,647			38,522,869			76,562			6,987,370			329,744			29,114,907			148,528
Units issued			130,903			17,737,203			191,908			23,887,846			603,688			12,254,476			232,417
Units redeemed			(19,971	)		(9,810,773	)		(76,008	)		(5,113,810	)		(203,756	)		(9,609,811	)		(138,522	)
Units outstanding at end of year			112,579			46,449,299			192,462			25,761,406			729,676			31,759,572			242,423
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,544,161		$	206,755,634		$	2,818,001		$	260,289,318		$	6,942,232		$	955,088,372		$	25,875,135
Proceeds from sales		$	279,709		$	134,122,671		$	1,132,324		$	58,668,957		$	2,202,967		$	743,476,531		$	15,010,696

See Notes to the Financial Statements.

65

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I			JNL/Loomis Sayles Global Growth Fund - Class A			JNL/Loomis Sayles Global Growth Fund - Class I(a)			JNL/Lord Abbett Short Duration Income Fund - Class A(a)
Operations
Net investment income (loss)		$	(18,457,456	)	$	(76,560	)	$	(394,107	)	$	7,203		$	(2,795,293	)	$	(1,793	)	$	(738,109	)
Net realized gain (loss) on investments			32,643,827			377,727			1,555,674			25,353			16,575,636			213,287			525,813
Net change in unrealized appreciation
	(depreciation) on investments		44,572,478			379,586			4,618,703			238,591			123,842,283			453,462			2,312,975
Net change in net assets
	from operations		58,758,849			680,753			5,780,270			271,147			137,622,626			664,956			2,100,679
Contract transactions
Purchase payments			211,825,077			13,720,715			6,374,034			657,323			8,023,730			205,628			52,612,233
Surrenders and terminations			(144,653,859	)		(1,696,794	)		(6,513,644	)		(110,252	)		(17,504,457	)		(12,197	)		(24,022,710	)
Transfers between Investment Divisions			551,588,502			5,535,599			(11,745,876	)		(307,017	)		305,852,222			1,390,607			157,433,435
Contract owner charges			(15,659,933	)		(173,701	)		(323,464	)		(21,905	)		(3,508,964	)		(13,332	)		(855,707	)
Net change in net assets
	from contract transactions		603,099,787			17,385,819			(12,208,950	)		218,149			292,862,531			1,570,706			185,167,251
Net change in net assets			661,858,636			18,066,572			(6,428,680	)		489,296			430,485,157			2,235,662			187,267,930
Net assets beginning of year			902,107,425			9,004,923			78,109,859			1,716,818			3,473,093			—			—
Net assets end of year		$	1,563,966,061		$	27,071,495		$	71,681,179		$	2,206,114		$	433,958,250		$	2,235,662		$	187,267,930
Contract unit transactions
Units outstanding at beginning of year			40,554,400			288,575			5,295,130			117,627			303,961			—			—
Units issued			59,032,988			870,963			1,728,747			72,133			34,032,203			256,347			24,363,299
Units redeemed			(33,143,652	)		(343,881	)		(2,679,188	)		(56,316	)		(5,570,467	)		(112,517	)		(6,290,129	)
Units outstanding at end of year			66,443,736			815,657			4,344,689			133,444			28,765,697			143,830			18,073,170
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,374,250,269		$	28,892,205		$	24,018,540		$	1,017,402		$	367,985,276		$	3,069,836		$	249,799,072
Proceeds from sales		$	789,607,939		$	11,582,946		$	36,621,598		$	792,051		$	76,248,633		$	1,492,929		$	65,369,931

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Changes in Net Assets is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

66

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Lord Abbett Short Duration Income Fund - Class I(a)			JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A			JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I
Operations
Net investment income (loss)		$	(7,809	)	$	(12,818,505	)	$	(40,911	)	$	(2,266,107	)	$	(9,850	)	$	(16,879,557	)	$	(29,615	)
Net realized gain (loss) on investments			38,556			15,937,932			143,554			5,981,705			113,634			104,658,927			579,173
Net change in unrealized appreciation
	(depreciation) on investments		47,328			46,777,568			376,510			37,614,780			610,614			393,433,073			2,382,314
Net change in net assets
	from operations		78,075			49,896,995			479,153			41,330,378			714,398			481,212,443			2,931,872
Contract transactions
Purchase payments			2,912,040			85,072,715			7,456,493			20,056,075			1,659,190			78,969,439			2,896,066
Surrenders and terminations			(1,413,299	)		(70,772,724	)		(161,219	)		(13,048,946	)		(37,215	)		(88,436,393	)		(235,853	)
Transfers between Investment Divisions			2,705,612			150,042,319			742,153			40,743,251			719,919			(4,278,115	)		2,335,116
Contract owner charges			(20,975	)		(9,670,491	)		(57,171	)		(1,847,296	)		(27,553	)		(14,406,278	)		(58,040	)
Net change in net assets
	from contract transactions		4,183,378			154,671,819			7,980,256			45,903,084			2,314,341			(28,151,347	)		4,937,289
Net change in net assets			4,261,453			204,568,814			8,459,409			87,233,462			3,028,739			453,061,096			7,869,161
Net assets beginning of year			—			855,248,857			5,421,957			145,443,757			1,284,026			1,217,410,398			4,508,516
Net assets end of year		$	4,261,453		$	1,059,817,671		$	13,881,366		$	232,677,219		$	4,312,765		$	1,670,471,494		$	12,377,677
Contract unit transactions
Units outstanding at beginning of year			—			55,794,525			277,762			12,449,133			83,455			33,539,161			92,706
Units issued			841,455			27,739,889			590,996			9,694,051			198,311			9,343,327			147,956
Units redeemed			(433,212	)		(18,188,616	)		(202,925	)		(6,025,368	)		(58,243	)		(11,230,089	)		(67,619	)
Units outstanding at end of year			408,243			65,345,798			665,833			16,117,816			223,523			31,652,399			173,043
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	8,674,625		$	443,143,928		$	12,159,975		$	116,948,664		$	3,314,733		$	401,836,558		$	8,757,837
Proceeds from sales		$	4,499,056		$	301,290,614		$	4,220,630		$	73,311,688		$	1,010,242		$	446,867,462		$	3,850,163

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Changes in Net Assets is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

67

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I			JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A
Operations
Net investment income (loss)		$	(2,469,337	)	$	(9,185	)	$	(13,177,996	)	$	(46,973	)	$	17,520,637		$	378,124		$	(9,784,551	)
Net realized gain (loss) on investments			9,312,112			119,742			73,741,811			764,017			4,539,499			(116,576	)		(156,854,972	)
Net change in unrealized appreciation
	(depreciation) on investments		17,301,525			192,108			29,108,952			1,567,636			100,049,690			1,823,899			(139,348,920	)
Net change in net assets
	from operations		24,144,300			302,665			89,672,767			2,284,680			122,109,826			2,085,447			(305,988,443	)
Contract transactions
Purchase payments			25,085,924			1,417,979			64,477,767			3,027,017			40,472,831			4,795,741			35,518,179
Surrenders and terminations			(10,218,405	)		(146,327	)		(65,687,870	)		(2,121,244	)		(56,073,182	)		(316,542	)		(53,383,032	)
Transfers between Investment Divisions			25,552,941			81,347			43,741,517			4,581,130			(139,262,098	)		(548,325	)		105,939,550
Contract owner charges			(2,193,618	)		(21,416	)		(10,946,628	)		(87,350	)		(11,870,374	)		(102,609	)		(9,631,737	)
Net change in net assets
	from contract transactions		38,226,842			1,331,583			31,584,786			5,399,553			(166,732,823	)		3,828,265			78,442,960
Net change in net assets			62,371,142			1,634,248			121,257,553			7,684,233			(44,622,997	)		5,913,712			(227,545,483	)
Net assets beginning of year			143,890,295			1,460,563			997,657,270			6,273,846			1,090,071,742			8,270,589			995,708,482
Net assets end of year		$	206,261,437		$	3,094,811		$	1,118,914,823		$	13,958,079		$	1,045,448,745		$	14,184,301		$	768,162,999
Contract unit transactions
Units outstanding at beginning of year			12,190,743			120,556			40,004,802			193,816			97,637,751			661,869			35,478,887
Units issued			16,154,543			277,171			16,684,031			503,206			15,593,124			796,832			20,547,469
Units redeemed			(12,315,037	)		(166,454	)		(15,150,254	)		(303,224	)		(32,277,700	)		(489,034	)		(14,228,777	)
Units outstanding at end of year			16,030,249			231,273			41,538,579			393,798			80,953,175			969,667			41,797,579
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	179,151,836		$	3,331,824		$	381,395,922		$	14,783,789		$	193,518,156		$	9,818,599		$	334,389,547
Proceeds from sales		$	143,394,331		$	2,009,426		$	362,989,132		$	9,431,209		$	342,730,341		$	5,612,210		$	265,731,138

See Notes to the Financial Statements.

68

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Equity Income Fund - Class A			JNL/Mellon Equity Income Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A			JNL/Mellon Healthcare Sector Fund - Class I
Operations
Net investment income (loss)		$	(11,130	)	$	(1,930,643	)	$	(10,699	)	$	(12,454,140	)	$	(27,328	)	$	(40,882,594	)	$	(71,572	)
Net realized gain (loss) on investments			(864,014	)		(2,164,906	)		(70,626	)		2,876,914			(292,309	)		168,238,846			848,789
Net change in unrealized appreciation
	(depreciation) on investments		104,194			11,010			246,967			(63,138,903	)		701,770			340,761,736			2,368,569
Net change in net assets
	from operations		(770,950	)		(4,084,539	)		165,642			(72,716,129	)		382,133			468,117,988			3,145,786
Contract transactions
Purchase payments			1,119,604			9,627,326			249,453			43,657,004			2,289,947			184,704,268			7,301,294
Surrenders and terminations			(71,230	)		(17,100,547	)		(46,708	)		(64,747,933	)		(235,488	)		(210,738,827	)		(756,682	)
Transfers between Investment Divisions			(268,070	)		(14,041,364	)		123,635			(110,002,486	)		1,374,531			(26,678,020	)		861,089
Contract owner charges			(25,830	)		(808,386	)		(27,333	)		(11,557,838	)		(56,476	)		(35,713,372	)		(174,313	)
Net change in net assets
	from contract transactions		754,474			(22,322,971	)		299,047			(142,651,253	)		3,372,514			(88,425,951	)		7,231,388
Net change in net assets			(16,476	)		(26,407,510	)		464,689			(215,367,382	)		3,754,647			379,692,037			10,377,174
Net assets beginning of year			3,543,896			214,116,381			2,460,789			1,233,577,333			5,262,431			3,047,855,514			12,722,878
Net assets end of year		$	3,527,420		$	187,708,871		$	2,925,478		$	1,018,209,951		$	9,017,078		$	3,427,547,551		$	23,100,052
Contract unit transactions
Units outstanding at beginning of year			93,291			9,045,394			123,393			65,331,245			206,437			78,111,753			244,072
Units issued			199,580			2,622,182			89,275			15,427,471			314,797			17,112,007			279,251
Units redeemed			(152,240	)		(3,826,945	)		(71,770	)		(24,709,217	)		(154,341	)		(19,587,181	)		(146,955	)
Units outstanding at end of year			140,631			7,840,631			140,898			56,049,499			366,893			75,636,579			376,368
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	4,764,615		$	52,251,608		$	1,567,618		$	233,784,453		$	6,402,545		$	680,941,074		$	15,140,124
Proceeds from sales		$	4,021,271		$	76,505,222		$	1,279,271		$	388,889,845		$	3,057,359		$	810,249,618		$	7,980,308

See Notes to the Financial Statements.

69

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon Index 5 Fund - Class A			JNL/Mellon Index 5 Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A
Operations
Net investment income (loss)		$	(14,584,898	)	$	(6,496	)	$	(863,487	)	$	(6,594	)	$	(48,487,095	)	$	(151,158	)	$	26,614,363
Net realized gain (loss) on investments			37,872,890			41,236			901,700			38,142			480,302,330			3,558,176			(16,612,469	)
Net change in unrealized appreciation
	(depreciation) on investments		68,289,434			203,138			9,984,650			312,178			937,037,401			10,997,966			53,790,950
Net change in net assets
	from operations		91,577,426			237,878			10,022,863			343,726			1,368,852,636			14,404,984			63,792,844
Contract transactions
Purchase payments			26,235,574			698,923			9,496,907			451,718			302,234,410			15,581,609			51,847,676
Surrenders and terminations			(74,067,050	)		(50,746	)		(3,649,615	)		(24,734	)		(229,410,715	)		(630,073	)		(77,852,612	)
Transfers between Investment Divisions			(132,237,205	)		(157,107	)		14,217,402			1,430,138			(60,237,052	)		3,509,237			(81,168,431	)
Contract owner charges			(13,716,154	)		(8,830	)		(800,390	)		(13,702	)		(42,368,111	)		(359,359	)		(13,810,475	)
Net change in net assets
	from contract transactions		(193,784,835	)		482,240			19,264,304			1,843,420			(29,781,468	)		18,101,414			(120,983,842	)
Net change in net assets			(102,207,409	)		720,118			29,287,167			2,187,146			1,339,071,168			32,506,398			(57,190,998	)
Net assets beginning of year			1,256,259,349			1,168,841			72,386,646			1,052,167			3,166,557,879			21,560,004			1,406,188,317
Net assets end of year		$	1,154,051,940		$	1,888,959		$	101,673,813		$	3,239,313		$	4,505,629,047		$	54,066,402		$	1,348,997,319
Contract unit transactions
Units outstanding at beginning of year			71,035,957			57,871			6,283,318			88,869			126,284,159			639,803			66,200,427
Units issued			5,779,850			72,647			6,143,507			242,119			41,060,597			937,356			10,358,002
Units redeemed			(17,986,415	)		(47,503	)		(4,557,745	)		(89,667	)		(42,162,861	)		(465,594	)		(16,877,130	)
Units outstanding at end of year			58,829,392			83,015			7,869,080			241,321			125,181,895			1,111,565			59,681,299
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	95,447,662		$	1,435,688		$	67,816,617		$	2,874,330		$	1,160,252,319		$	36,032,152		$	254,965,524
Proceeds from sales		$	303,817,395		$	959,944		$	49,415,801		$	1,037,504		$	1,238,520,883		$	18,081,896		$	335,901,353

See Notes to the Financial Statements.

70

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon International Index Fund - Class I			JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon MSCI KLD 400 Social Index Fund - Class A			JNL/Mellon MSCI KLD 400 Social Index Fund - Class I			JNL/Mellon MSCI World Index Fund - Class A			JNL/Mellon MSCI World Index Fund - Class I
Operations
Net investment income (loss)		$	643,235		$	(457,024	)	$	(3,638	)	$	(1,025,888	)	$	(10,353	)	$	1,850,867		$	72,341
Net realized gain (loss) on investments			(365,062	)		1,024,871			36,003			2,619,947			140,314			14,068,070			(58,335	)
Net change in unrealized appreciation
	(depreciation) on investments		1,764,371			9,355,835			224,541			17,013,753			772,936			25,134,039			522,060
Net change in net assets
	from operations		2,042,544			9,923,682			256,906			18,607,812			902,897			41,052,976			536,066
Contract transactions
Purchase payments			9,191,124			4,948,365			242,212			13,964,644			1,222,700			13,956,457			1,115,208
Surrenders and terminations			(225,440	)		(2,032,608	)		(16,189	)		(2,629,650	)		(3,439	)		(24,995,657	)		(63,468	)
Transfers between Investment Divisions			(139,278	)		36,854,992			921,574			44,059,851			2,136,346			(33,101,850	)		(110,468	)
Contract owner charges			(138,710	)		(427,406	)		(6,484	)		(887,737	)		(16,698	)		(3,043,350	)		(32,244	)
Net change in net assets
	from contract transactions		8,687,696			39,343,343			1,141,113			54,507,108			3,338,909			(47,184,400	)		909,028
Net change in net assets			10,730,240			49,267,025			1,398,019			73,114,920			4,241,806			(6,131,424	)		1,445,094
Net assets beginning of year			11,708,123			23,081,551			570,344			59,621,514			381,799			359,890,388			2,826,519
Net assets end of year		$	22,438,363		$	72,348,576		$	1,968,363		$	132,736,434		$	4,623,605		$	353,758,964		$	4,271,613
Contract unit transactions
Units outstanding at beginning of year			429,179			2,228,915			53,647			4,360,315			27,126			14,509,858			86,299
Units issued			542,183			5,966,280			164,724			5,887,247			323,915			1,539,980			78,800
Units redeemed			(208,272	)		(2,241,522	)		(62,453	)		(2,089,160	)		(78,200	)		(3,587,106	)		(51,982	)
Units outstanding at end of year			763,090			5,953,673			155,918			8,158,402			272,841			12,462,732			113,117
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	14,486,247		$	62,437,973		$	1,819,047		$	82,504,186		$	4,489,573		$	46,220,460		$	2,520,987
Proceeds from sales		$	4,952,679		$	23,551,654		$	681,572		$	29,022,966		$	1,161,016		$	89,542,457		$	1,516,035

See Notes to the Financial Statements.

71

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon Nasdaq® 100 Index Fund - Class A			JNL/Mellon Nasdaq® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A			JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A
Operations
Net investment income (loss)		$	(53,849,874	)	$	(215,356	)	$	(1,301,663	)	$	(19,535	)	$	(32,284,765	)	$	(115,577	)	$	(107,619,609	)
Net realized gain (loss) on investments			434,502,765			5,104,032			(1,832,426	)		20,844			25,867,337			(190,851	)		389,482,398
Net change in unrealized appreciation
	(depreciation) on investments		1,247,510,760			16,814,780			(10,157,654	)		(73,550	)		323,223,265			6,394,711			1,037,717,612
Net change in net assets
	from operations		1,628,163,651			21,703,456			(13,291,743	)		(72,241	)		316,805,837			6,088,283			1,319,580,401
Contract transactions
Purchase payments			432,212,314			23,407,604			18,617,499			3,549,630			127,880,845			13,003,318			681,637,205
Surrenders and terminations			(230,583,655	)		(2,310,720	)		(7,086,111	)		(87,772	)		(150,844,997	)		(591,763	)		(498,450,607	)
Transfers between Investment Divisions			369,843,837			10,782,751			(57,271,303	)		(1,072,521	)		(53,281,826	)		1,656,881			(104,592,391	)
Contract owner charges			(46,385,315	)		(491,260	)		(1,156,666	)		(46,065	)		(28,060,508	)		(248,250	)		(92,952,865	)
Net change in net assets
	from contract transactions		525,087,181			31,388,375			(46,896,581	)		2,343,272			(104,306,486	)		13,820,186			(14,358,658	)
Net change in net assets			2,153,250,832			53,091,831			(60,188,324	)		2,271,031			212,499,351			19,908,469			1,305,221,743
Net assets beginning of year			3,171,091,752			26,141,548			157,669,304			4,041,406			2,688,525,072			21,703,855			8,185,612,688
Net assets end of year		$	5,324,342,584		$	79,233,379		$	97,480,980		$	6,312,437		$	2,901,024,423		$	41,612,324		$	9,490,834,431
Contract unit transactions
Units outstanding at beginning of year			77,642,963			624,055			13,130,565			327,750			71,154,393			447,902			283,309,991
Units issued			39,474,764			1,225,228			5,768,603			567,462			16,512,104			501,589			73,406,633
Units redeemed			(28,086,777	)		(570,240	)		(10,218,569	)		(353,537	)		(18,916,525	)		(188,344	)		(74,695,005	)
Units outstanding at end of year			89,030,950			1,279,043			8,680,599			541,675			68,749,972			761,147			282,021,619
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	1,854,213,468		$	59,805,929		$	64,627,998		$	6,334,582		$	532,523,070		$	21,830,363		$	2,085,932,406
Proceeds from sales		$	1,382,976,161		$	28,632,909		$	112,826,243		$	4,010,844		$	669,114,320		$	8,125,754		$	2,207,910,673

See Notes to the Financial Statements.

72

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A			JNL/Mellon Utilities Sector Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A
Operations
Net investment income (loss)		$	(23,879,883	)	$	(91,472	)	$	(3,716,248	)	$	(14,584	)	$	(16,624,333	)	$	(32,336	)	$	166,477
Net realized gain (loss) on investments			(25,190,325	)		(769,082	)		1,309,123			80,629			8,649,358			(7,690	)		19,699,561
Net change in unrealized appreciation
	(depreciation) on investments		222,682,408			5,576,437			(11,877,160	)		(162,008	)		151,928,445			1,103,750			11,574,440
Net change in net assets
	from operations		173,612,200			4,715,883			(14,284,285	)		(95,963	)		143,953,470			1,063,724			31,440,478
Contract transactions
Purchase payments			105,492,030			10,993,228			33,949,247			920,078			44,804,611			2,487,749			30,231,647
Surrenders and terminations			(109,413,342	)		(469,065	)		(20,487,163	)		(179,950	)		(75,669,677	)		(254,560	)		(10,205,098	)
Transfers between Investment Divisions			(84,627,186	)		1,785,311			(53,648,728	)		(1,356,197	)		292,649,933			2,044,184			39,917,507
Contract owner charges			(20,072,793	)		(209,901	)		(2,807,484	)		(35,874	)		(15,635,015	)		(84,327	)		(1,994,027	)
Net change in net assets
	from contract transactions		(108,621,291	)		12,099,573			(42,994,128	)		(651,943	)		246,149,852			4,193,046			57,950,029
Net change in net assets			64,990,909			16,815,456			(57,278,413	)		(747,906	)		390,103,322			5,256,770			89,390,507
Net assets beginning of year			2,137,359,054			18,393,899			325,692,778			4,443,782			1,132,599,603			5,864,749			141,684,979
Net assets end of year		$	2,202,349,963		$	35,209,355		$	268,414,365		$	3,695,876		$	1,522,702,925		$	11,121,519		$	231,075,486
Contract unit transactions
Units outstanding at beginning of year			64,949,718			436,134			18,465,700			258,800			43,409,495			183,552			11,898,117
Units issued			13,623,128			517,553			9,202,334			192,980			25,774,015			260,447			15,868,092
Units redeemed			(17,464,410	)		(199,771	)		(12,093,587	)		(234,546	)		(12,501,377	)		(109,910	)		(10,720,887	)
Units outstanding at end of year			61,108,436			753,916			15,574,447			217,234			56,682,133			334,089			17,045,322
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	379,595,887		$	19,111,806		$	152,878,189		$	3,239,698		$	531,319,844		$	7,275,263		$	199,380,543
Proceeds from sales		$	512,097,061		$	7,103,705		$	199,588,564		$	3,906,226		$	301,794,325		$	3,114,553		$	127,629,077

See Notes to the Financial Statements.

73

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A
Operations
Net investment income (loss)		$	48,419		$	(109,818	)	$	(7,783,352	)	$	(17,653	)	$	(8,796,882	)	$	(87,078	)	$	(7,016,877	)
Net realized gain (loss) on investments			457,147			(1,857,305	)		(755,159	)		8,065			1,021,891			90,743			10,110,411
Net change in unrealized appreciation
	(depreciation) on investments		258,581			536,661			34,737,263			319,383			32,711,473			1,078,676			39,189,346
Net change in net assets
	from operations		764,147			(1,430,462	)		26,198,752			309,795			24,936,482			1,082,341			42,282,880
Contract transactions
Purchase payments			1,387,287			689,169			23,892,669			1,037,594			80,949,411			4,602,610			79,022,925
Surrenders and terminations			(59,568	)		(1,422,485	)		(40,160,018	)		(50,031	)		(46,588,978	)		(547,055	)		(42,122,348	)
Transfers between Investment Divisions			1,410,602			(2,233,827	)		(34,704,737	)		42,412			51,954,054			1,171,929			132,445,091
Contract owner charges			(33,967	)		(8,830	)		(6,886,391	)		(27,355	)		(6,715,495	)		(159,491	)		(5,316,300	)
Net change in net assets
	from contract transactions		2,704,354			(2,975,973	)		(57,858,477	)		1,002,620			79,598,992			5,067,993			164,029,368
Net change in net assets			3,468,501			(4,406,435	)		(31,659,725	)		1,312,415			104,535,474			6,150,334			206,312,248
Net assets beginning of year			1,815,919			16,228,680			624,362,507			3,538,822			644,538,996			17,135,924			461,897,733
Net assets end of year		$	5,284,420		$	11,822,245		$	592,702,782		$	4,851,237		$	749,074,470		$	23,286,258		$	668,209,981
Contract unit transactions
Units outstanding at beginning of year			146,771			2,469,877			52,651,588			268,126			61,255,474			1,588,801			36,017,538
Units issued			600,096			624,442			11,530,860			219,507			34,773,679			1,192,874			29,665,889
Units redeemed			(373,829	)		(1,213,314	)		(16,895,120	)		(143,392	)		(27,395,602	)		(723,593	)		(17,944,946	)
Units outstanding at end of year			373,038			1,881,005			47,287,328			344,241			68,633,551			2,058,082			47,738,481
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	7,651,233		$	3,336,338		$	134,822,945		$	2,863,474		$	360,798,859		$	12,847,811		$	397,377,328
Proceeds from sales		$	4,591,889		$	6,422,129		$	200,464,773		$	1,878,506		$	289,996,750		$	7,866,896		$	240,364,837

See Notes to the Financial Statements.

74

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A			JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I
Operations
Net investment income (loss)		$	(38,602	)	$	(13,706,450	)	$	(21,863	)	$	(14,166,022	)	$	(22,942	)	$	(17,285,991	)	$	(31,639	)
Net realized gain (loss) on investments			205,432			3,694,118			141,855			(15,941,215	)		(58,242	)		(4,834,443	)		(349,176	)
Net change in unrealized appreciation
	(depreciation) on investments		736,278			103,143,905			377,705			(1,253,285	)		38,386			56,226,107			200,199
Net change in net assets
	from operations		903,108			93,131,573			497,697			(31,360,522	)		(42,798	)		34,105,673			(180,616	)
Contract transactions
Purchase payments			3,559,045			56,415,236			4,053,633			45,427,147			1,621,171			50,170,642			1,699,663
Surrenders and terminations			(765,318	)		(88,341,192	)		(196,516	)		(89,512,782	)		(253,221	)		(106,022,843	)		(933,851	)
Transfers between Investment Divisions			2,833,239			151,661,680			963,268			(228,446,840	)		(1,628,868	)		(123,448,861	)		(4,156,407	)
Contract owner charges			(65,261	)		(12,368,683	)		(45,174	)		(12,077,425	)		(47,852	)		(14,309,017	)		(55,888	)
Net change in net assets
	from contract transactions		5,561,705			107,367,041			4,775,211			(284,609,900	)		(308,770	)		(193,610,079	)		(3,446,483	)
Net change in net assets			6,464,813			200,498,614			5,272,908			(315,970,422	)		(351,568	)		(159,504,406	)		(3,627,099	)
Net assets beginning of year			5,838,371			950,318,998			3,067,624			1,312,217,245			5,675,857			1,469,608,021			10,658,314
Net assets end of year		$	12,303,184		$	1,150,817,612		$	8,340,532		$	996,246,823		$	5,324,289		$	1,310,103,615		$	7,031,215
Contract unit transactions
Units outstanding at beginning of year			436,517			66,272,043			177,498			109,365,855			500,134			62,573,817			334,155
Units issued			681,325			27,356,636			387,133			15,185,772			254,380			12,398,950			195,649
Units redeemed			(284,592	)		(20,710,742	)		(131,257	)		(40,866,969	)		(287,722	)		(21,298,779	)		(320,189	)
Units outstanding at end of year			833,250			72,917,937			433,374			83,684,658			466,792			53,673,988			209,615
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	9,524,087		$	415,669,092		$	7,199,133		$	173,040,019		$	2,833,457		$	273,416,639		$	5,921,993
Proceeds from sales		$	4,000,985		$	322,008,502		$	2,445,785		$	471,815,942		$	3,165,168		$	484,312,709		$	9,400,116

See Notes to the Financial Statements.

75

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/PPM America Small Cap Value Fund - Class A			JNL/PPM America Small Cap Value Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I			JNL/RAFI Fundamental Asia Developed Fund - Class A			JNL/RAFI Fundamental Asia Developed Fund - Class I			JNL/RAFI Fundamental Europe Fund - Class A
Operations
Net investment income (loss)		$	(4,603,452	)	$	(4,310	)	$	(7,338,131	)	$	(27,076	)	$	(2,164,291	)	$	(2,727	)	$	10,945,913
Net realized gain (loss) on investments			(34,457,118	)		(144,094	)		14,832,208			96,145			(16,805,094	)		(14,498	)		(18,205,548	)
Net change in unrealized appreciation
	(depreciation) on investments		3,264,187			49,491			35,968,759			458,309			19,125,777			106,723			(5,424,635	)
Net change in net assets
	from operations		(35,796,383	)		(98,913	)		43,462,836			527,378			156,392			89,498			(12,684,270	)
Contract transactions
Purchase payments			16			—			84,445,063			1,979,009			4,808,812			343,242			4,721,859
Surrenders and terminations			(20,429,628	)		(35,613	)		(42,730,461	)		(246,033	)		(11,710,435	)		(20,540	)		(15,604,252	)
Transfers between Investment Divisions			(49,368,950	)		(160,980	)		261,870,713			2,926,023			(19,739,949	)		(23,276	)		(20,686,884	)
Contract owner charges			(4,762,121	)		(11,537	)		(5,897,859	)		(32,896	)		(2,018,640	)		(6,705	)		(2,895,416	)
Net change in net assets
	from contract transactions		(74,560,683	)		(208,130	)		297,687,456			4,626,103			(28,660,212	)		292,721			(34,464,693	)
Net change in net assets			(110,357,066	)		(307,043	)		341,150,292			5,153,481			(28,503,820	)		382,219			(47,148,963	)
Net assets beginning of year			477,385,460			1,351,792			419,540,781			3,863,686			204,583,818			445,085			293,868,683
Net assets end of year		$	367,028,394		$	1,044,749		$	760,691,073		$	9,017,167		$	176,079,998		$	827,304		$	246,719,720
Contract unit transactions
Units outstanding at beginning of year			22,579,239			52,538			23,400,765			260,263			9,750,588			18,764			18,585,655
Units issued			2,817,834			5,316			27,350,173			396,411			1,605,933			46,106			2,742,375
Units redeemed			(7,228,062	)		(15,776	)		(11,557,187	)		(91,084	)		(3,229,489	)		(31,469	)		(5,376,683	)
Units outstanding at end of year			18,169,011			42,078			39,193,751			565,590			8,127,032			33,401			15,951,347
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	40,955,123		$	95,364		$	512,633,563		$	5,899,216		$	30,319,869		$	994,277		$	49,260,804
Proceeds from sales		$	120,119,259		$	307,804		$	222,284,239		$	1,300,189		$	61,144,373		$	704,282		$	72,779,583

See Notes to the Financial Statements.

76

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/RAFI Fundamental Europe Fund - Class I			JNL/RAFI Fundamental U.S. Small Cap Fund - Class A			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I			JNL/T. Rowe Price Balanced Fund - Class A			JNL/T. Rowe Price Balanced Fund - Class I(a)
Operations
Net investment income (loss)		$	23,882		$	(4,394,126	)	$	(5,852	)	$	(31,537,293	)	$	(22,530	)	$	(4,524,142	)	$	(995	)
Net realized gain (loss) on investments			(29,376	)		(48,302,926	)		(105,923	)		39,083,936			(139,410	)		14,085,581			1,216
Net change in unrealized appreciation
	(depreciation) on investments		1,394			74,182,149			389,332			150,006,931			593,477			31,632,247			58,495
Net change in net assets
	from operations		(4,100	)		21,485,097			277,557			157,553,574			431,537			41,193,686			58,716
Contract transactions
Purchase payments			27,613			10,148,577			510,270			17,706,460			205,545			31,918,173			302,180
Surrenders and terminations			(15,108	)		(23,053,830	)		(135,321	)		(210,049,669	)		(134,200	)		(68,001,428	)		(5,179	)
Transfers between Investment Divisions			(26,683	)		(14,109,058	)		338,496			(151,229,217	)		(953,108	)		(11,622,194	)		305,467
Contract owner charges			(4,084	)		(3,964,035	)		(15,536	)		(20,930,910	)		(32,179	)		(401,091	)		(1,796	)
Net change in net assets
	from contract transactions		(18,262	)		(30,978,346	)		697,909			(364,503,336	)		(913,942	)		(48,106,540	)		600,672
Net change in net assets			(22,362	)		(9,493,249	)		975,466			(206,949,762	)		(482,405	)		(6,912,854	)		659,388
Net assets beginning of year			476,260			398,125,371			1,179,323			2,563,415,982			5,712,497			481,521,093			—
Net assets end of year		$	453,898		$	388,632,122		$	2,154,789		$	2,356,466,220		$	5,230,092		$	474,608,239		$	659,388
Contract unit transactions
Units outstanding at beginning of year			26,626			23,942,164			59,197			112,355,664			199,226			37,498,937			—
Units issued			17,469			5,383,124			75,850			4,728,531			44,889			6,252,092			52,380
Units redeemed			(18,466	)		(7,556,024	)		(35,636	)		(21,819,164	)		(78,685	)		(10,324,799	)		(8,872	)
Units outstanding at end of year			25,629			21,769,264			99,411			95,265,031			165,430			33,426,230			43,508
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	285,076		$	77,479,552		$	1,281,514		$	99,026,177		$	1,274,576		$	79,989,937		$	709,719
Proceeds from sales		$	279,455		$	112,852,024		$	589,457		$	495,066,806		$	2,211,048		$	132,620,619		$	110,043

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on April 27, 2020. The Statement of Changes in Net Assets is from April 27, 2020 through December 31, 2020.

See Notes to the Financial Statements.

77

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/T. Rowe Price Capital Appreciation Fund - Class A			JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A
Operations
Net investment income (loss)		$	(78,108,879	)	$	(424,790	)	$	(97,272,208	)	$	(269,383	)	$	(70,530,408	)	$	(161,325	)	$	(16,259,345	)
Net realized gain (loss) on investments			174,565,650			2,958,096			559,030,739			3,360,466			329,904,681			1,478,304			18,130,872
Net change in unrealized appreciation
	(depreciation) on investments		944,887,237			16,056,452			1,831,527,384			18,217,105			798,538,466			7,866,658			30,870,122
Net change in net assets
	from operations		1,041,344,008			18,589,758			2,293,285,915			21,308,188			1,057,912,739			9,183,637			32,741,649
Contract transactions
Purchase payments			1,036,257,484			43,268,874			571,011,972			26,050,009			333,687,821			11,005,295			174,695,464
Surrenders and terminations			(327,175,706	)		(2,812,610	)		(440,700,400	)		(1,959,567	)		(301,451,728	)		(1,833,389	)		(139,504,526	)
Transfers between Investment Divisions			722,010,713			3,748,158			(508,041,660	)		(658,548	)		(581,799,759	)		(2,462,287	)		263,377,943
Contract owner charges			(58,681,676	)		(1,012,639	)		(81,813,816	)		(616,946	)		(65,440,201	)		(349,327	)		(13,818,263	)
Net change in net assets
	from contract transactions		1,372,410,815			43,191,783			(459,543,904	)		22,814,948			(615,003,867	)		6,360,292			284,750,618
Net change in net assets			2,413,754,823			61,781,541			1,833,742,011			44,123,136			442,908,872			15,543,929			317,492,267
Net assets beginning of year			5,451,153,869			72,859,923			6,861,910,066			44,956,200			5,518,629,758			33,387,429			1,089,491,523
Net assets end of year		$	7,864,908,692		$	134,641,464		$	8,695,652,077		$	89,079,336		$	5,961,538,630		$	48,931,358		$	1,406,983,790
Contract unit transactions
Units outstanding at beginning of year			310,960,105			4,063,124			74,219,077			345,471			40,941,540			171,822			101,964,647
Units issued			147,047,694			3,999,019			14,750,984			329,947			5,446,383			100,925			80,008,853
Units redeemed			(71,249,529	)		(1,660,387	)		(19,605,406	)		(175,661	)		(10,212,175	)		(68,078	)		(53,881,025	)
Units outstanding at end of year			386,758,270			6,401,756			69,364,655			499,757			36,175,748			204,669			128,092,475
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	2,623,239,454		$	74,093,183		$	1,513,605,108		$	48,128,267		$	735,082,757		$	19,743,001		$	867,141,532
Proceeds from sales		$	1,328,937,518		$	31,326,189		$	2,070,421,219		$	25,582,702		$	1,420,617,031		$	13,544,034		$	598,650,259

See Notes to the Financial Statements.

78

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/T. Rowe Price Short-Term Bond Fund - Class I			JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Capital Growth Fund - Class A			JNL/Vanguard Capital Growth Fund - Class I
Operations
Net investment income (loss)		$	(68,841	)	$	(1,476,855	)	$	(7,036	)	$	(23,242,133	)	$	(63,523	)	$	(4,717,186	)	$	(38,150	)
Net realized gain (loss) on investments			299,411			(1,013,293	)		(879	)		1,790,894			18,339			11,350,847			395,597
Net change in unrealized appreciation
	(depreciation) on investments		389,506			5,147,004			83,696			184,879,490			2,340,976			47,695,286			1,193,449
Net change in net assets
	from operations		620,076			2,656,856			75,781			163,428,251			2,295,792			54,328,947			1,550,896
Contract transactions
Purchase payments			6,941,580			14,442,791			400,269			99,752,597			3,921,519			51,544,254			4,183,823
Surrenders and terminations			(913,769	)		(9,079,510	)		(88,773	)		(113,038,256	)		(308,493	)		(18,185,805	)		(207,491	)
Transfers between Investment Divisions			98,368			4,460,530			233,884			18,045,865			3,769,043			(26,306,279	)		(3,181,985	)
Contract owner charges			(135,392	)		(1,082,761	)		(17,753	)		(19,013,282	)		(144,173	)		(4,433,958	)		(90,015	)
Net change in net assets
	from contract transactions		5,990,787			8,741,050			527,627			(14,253,076	)		7,237,896			2,618,212			704,332
Net change in net assets			6,610,863			11,397,906			603,408			149,175,175			9,533,688			56,947,159			2,255,228
Net assets beginning of year			11,448,426			127,010,798			1,453,319			1,961,880,038			12,740,400			368,352,406			8,204,941
Net assets end of year		$	18,059,289		$	138,408,704		$	2,056,727		$	2,111,055,213		$	22,274,088		$	425,299,565		$	10,460,169
Contract unit transactions
Units outstanding at beginning of year			888,659			11,171,413			126,960			55,559,463			272,550			28,365,642			615,699
Units issued			1,397,150			7,011,610			94,162			13,022,600			261,986			10,817,351			456,226
Units redeemed			(933,017	)		(6,278,727	)		(48,195	)		(13,773,409	)		(99,171	)		(10,777,377	)		(399,110	)
Units outstanding at end of year			1,352,792			11,904,296			172,927			54,808,654			435,365			28,405,616			672,815
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	18,242,398		$	75,924,086		$	1,067,853		$	422,682,092		$	11,478,992		$	135,646,288		$	5,796,261
Proceeds from sales		$	12,320,452		$	68,659,891		$	547,262		$	460,177,301		$	4,304,618		$	137,745,261		$	5,130,079

See Notes to the Financial Statements.

79

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Vanguard Equity Income Fund - Class A			JNL/Vanguard Equity Income Fund - Class I			JNL/Vanguard Global Bond Market Index Fund - Class A			JNL/Vanguard Global Bond Market Index Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard International Fund - Class A
Operations
Net investment income (loss)		$	(4,874,614	)	$	(45,337	)	$	(1,850,918	)	$	(17,569	)	$	(5,822,783	)	$	(99,010	)	$	(9,402,136	)
Net realized gain (loss) on investments			467,761			45,977			3,467,693			78,361			6,665,465			639,683			34,402,544
Net change in unrealized appreciation
	(depreciation) on investments		26,797,524			718,506			3,880,045			145,681			71,743,398			3,504,958			320,791,649
Net change in net assets
	from operations		22,390,671			719,146			5,496,820			206,473			72,586,080			4,045,631			345,792,057
Contract transactions
Purchase payments			70,275,677			3,646,746			30,852,073			978,354			102,765,905			7,769,943			100,539,426
Surrenders and terminations			(17,075,245	)		(290,768	)		(8,497,160	)		(109,224	)		(15,414,092	)		(2,058,450	)		(31,923,167	)
Transfers between Investment Divisions			102,090,180			957,617			29,208,043			(86,271	)		43,168,016			(294,796	)		169,371,770
Contract owner charges			(4,421,731	)		(97,537	)		(1,506,895	)		(32,588	)		(5,734,336	)		(270,084	)		(8,271,805	)
Net change in net assets
	from contract transactions		150,868,881			4,216,058			50,056,061			750,271			124,785,493			5,146,613			229,716,224
Net change in net assets			173,259,552			4,935,204			55,552,881			956,744			197,371,573			9,192,244			575,508,281
Net assets beginning of year			327,445,504			9,093,996			122,883,604			3,803,977			392,364,802			20,133,745			593,931,339
Net assets end of year		$	500,705,056		$	14,029,200		$	178,436,485		$	4,760,721		$	589,736,375		$	29,325,989		$	1,169,439,620
Contract unit transactions
Units outstanding at beginning of year			27,373,611			745,252			11,668,315			349,451			34,068,671			1,695,877			51,505,294
Units issued			23,079,657			672,881			11,185,609			198,126			20,552,720			975,995			32,807,232
Units redeemed			(9,156,514	)		(300,232	)		(6,635,797	)		(132,476	)		(9,024,508	)		(497,229	)		(18,755,347	)
Units outstanding at end of year			41,296,754			1,117,901			16,218,127			415,101			45,596,883			2,174,643			65,557,179
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	248,204,733		$	7,545,853		$	121,918,805		$	2,236,626		$	224,657,326		$	11,121,107		$	463,074,943
Proceeds from sales		$	102,210,466		$	3,375,132		$	73,713,661		$	1,503,924		$	105,694,616		$	6,073,503		$	242,760,855

See Notes to the Financial Statements.

80

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Vanguard International Fund - Class I			JNL/Vanguard International Stock Market Index Fund - Class A			JNL/Vanguard International Stock Market Index Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A			JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
Operations
Net investment income (loss)		$	(73,150	)	$	(4,174,449	)	$	(34,532	)	$	(4,161,785	)	$	(49,993	)	$	(5,257,522	)	$	(67,165	)
Net realized gain (loss) on investments			1,199,020			(1,753,109	)		5,463			5,301,880			301,253			3,876,041			80,640
Net change in unrealized appreciation
	(depreciation) on investments		7,511,203			44,583,417			1,157,462			31,500,309			906,539			54,938,274			1,800,265
Net change in net assets
	from operations		8,637,073			38,655,859			1,128,393			32,640,404			1,157,799			53,556,793			1,813,740
Contract transactions
Purchase payments			6,066,501			45,997,251			3,123,527			90,079,222			4,071,061			117,759,494			5,914,165
Surrenders and terminations			(309,602	)		(12,430,631	)		(49,659	)		(18,903,847	)		(410,647	)		(16,935,369	)		(786,033	)
Transfers between Investment Divisions			3,301,046			25,117,140			(1,293,974	)		44,746,899			(1,438,251	)		58,039,222			(1,110,505	)
Contract owner charges			(172,668	)		(3,504,877	)		(84,396	)		(3,424,969	)		(101,167	)		(4,671,370	)		(154,599	)
Net change in net assets
	from contract transactions		8,885,277			55,178,883			1,695,498			112,497,305			2,120,996			154,191,977			3,863,028
Net change in net assets			17,522,350			93,834,742			2,823,891			145,137,709			3,278,795			207,748,770			5,676,768
Net assets beginning of year			11,324,385			312,215,080			7,832,697			299,395,224			10,626,773			362,388,460			14,592,945
Net assets end of year		$	28,846,735		$	406,049,822		$	10,656,588		$	444,532,933		$	13,905,568		$	570,137,230		$	20,269,713
Contract unit transactions
Units outstanding at beginning of year			972,196			29,840,625			733,187			27,289,361			940,630			32,245,294			1,259,931
Units issued			1,131,353			14,859,519			632,359			18,894,727			510,926			20,200,957			793,541
Units redeemed			(524,481	)		(9,239,627	)		(465,111	)		(8,820,942	)		(328,408	)		(6,485,109	)		(484,775	)
Units outstanding at end of year			1,579,068			35,460,517			900,435			37,363,146			1,123,148			45,961,142			1,568,697
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	15,946,154		$	142,698,443		$	6,260,565		$	208,122,469		$	5,874,616		$	224,695,224		$	9,033,492
Proceeds from sales		$	7,134,026		$	91,694,009		$	4,599,599		$	99,786,950		$	3,803,614		$	75,760,768		$	5,237,629

See Notes to the Financial Statements.

81

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Vanguard Small Company Growth Fund - Class A			JNL/Vanguard Small Company Growth Fund - Class I			JNL/Vanguard U.S. Stock Market Index Fund - Class A			JNL/Vanguard U.S. Stock Market Index Fund - Class I			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Operations
Net investment income (loss)		$	(2,576,910	)	$	(20,547	)	$	(7,473,440	)	$	(71,269	)	$	(2,775,815	)	$	2,146		$	(472,006	)
Net realized gain (loss) on investments			(2,413,982	)		(22,538	)		14,278,248			558,314			17,742,755			462,329			(247,346	)
Net change in unrealized appreciation
	(depreciation) on investments		32,232,111			1,007,038			110,868,083			3,483,854			68,953,733			1,649,060			1,305,244
Net change in net assets
	from operations		27,241,219			963,953			117,672,891			3,970,899			83,920,673			2,113,535			585,892
Contract transactions
Purchase payments			34,784			—			124,749,659			5,551,568			42,395,947			2,299,219			3,759,959
Surrenders and terminations			(9,606,897	)		(92,322	)		(27,695,860	)		(1,221,841	)		(13,597,816	)		(651,450	)		(2,585,814	)
Transfers between Investment Divisions			(58,263,424	)		(557,118	)		62,355,276			1,828,195			42,340,575			1,624,365			(8,606,201	)
Contract owner charges			(2,501,655	)		(55,447	)		(6,933,511	)		(149,016	)		(2,890,256	)		(60,862	)		(327,023	)
Net change in net assets
	from contract transactions		(70,337,192	)		(704,887	)		152,475,564			6,008,906			68,248,450			3,211,272			(7,759,079	)
Net change in net assets			(43,095,973	)		259,066			270,148,455			9,979,805			152,169,123			5,324,807			(7,173,187	)
Net assets beginning of year			255,060,153			5,272,051			517,914,969			13,974,145			235,077,003			4,231,401			45,928,818
Net assets end of year		$	211,964,180		$	5,531,117		$	788,063,424		$	23,953,950		$	387,246,126		$	9,556,208		$	38,755,631
Contract unit transactions
Units outstanding at beginning of year			20,773,278			421,447			40,677,226			1,065,500			14,044,116			236,080			4,042,601
Units issued			1,992,638			95,978			27,816,372			886,018			10,264,035			295,983			1,955,258
Units redeemed			(8,485,415	)		(155,504	)		(16,390,786	)		(430,227	)		(6,552,401	)		(127,991	)		(2,756,160	)
Units outstanding at end of year			14,280,501			361,921			52,102,812			1,521,291			17,755,750			404,072			3,241,699
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	21,902,902		$	1,040,703		$	351,299,737		$	11,649,667		$	187,496,738		$	5,831,627		$	21,199,980
Proceeds from sales		$	94,817,005		$	1,766,138		$	206,297,614		$	5,712,030		$	115,082,585		$	2,455,962		$	29,431,065

See Notes to the Financial Statements.

82

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Westchester Capital Event Driven Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A			JNL/WMC Value Fund - Class I
Operations
Net investment income (loss)		$	(2,495	)	$	(103,670,547	)	$	(177,672	)	$	(21,971,954	)	$	(47,170	)	$	(8,915,013	)	$	(11,003	)
Net realized gain (loss) on investments			78			214,920,328			760,079			—			—			(5,423,302	)		(42,507	)
Net change in unrealized appreciation
	(depreciation) on investments		31,626			413,453,516			3,459,774			—			—			2,317,642			217,814
Net change in net assets
	from operations		29,209			524,703,297			4,042,181			(21,971,954	)		(47,170	)		(12,020,673	)		164,304
Contract transactions
Purchase payments			96,281			633,170,253			17,124,902			798,612,822			48,485,303			28,946,589			1,405,266
Surrenders and terminations			(56,455	)		(517,402,215	)		(1,514,661	)		(692,289,108	)		(7,507,940	)		(38,473,432	)		(53,787	)
Transfers between Investment Divisions			12,105			(314,598,310	)		(4,277,066	)		1,009,130,408			(12,850,855	)		(44,958,145	)		148,076
Contract owner charges			(5,552	)		(94,477,857	)		(475,998	)		(24,205,409	)		(328,054	)		(7,915,588	)		(22,938	)
Net change in net assets
	from contract transactions		46,379			(293,308,129	)		10,857,177			1,091,248,713			27,798,454			(62,400,576	)		1,476,617
Net change in net assets			75,588			231,395,168			14,899,358			1,069,276,759			27,751,284			(74,421,249	)		1,640,921
Net assets beginning of year			667,735			8,382,355,678			34,219,171			1,190,469,999			13,000,694			766,539,735			2,332,503
Net assets end of year		$	743,323		$	8,613,750,846		$	49,118,529		$	2,259,746,758		$	40,751,978		$	692,118,486		$	3,973,424
Contract unit transactions
Units outstanding at beginning of year			56,850			150,402,351			438,145			98,666,542			781,087			17,993,522			42,786
Units issued			51,525			21,775,285			319,044			328,123,295			5,753,719			2,939,490			44,532
Units redeemed			(48,923	)		(27,915,230	)		(177,345	)		(237,851,653	)		(4,068,699	)		(4,748,349	)		(15,763	)
Units outstanding at end of year			59,452			144,262,406			579,844			188,938,184			2,466,107			16,184,663			71,555
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	590,947		$	1,195,366,649		$	24,262,734		$	3,936,663,599		$	95,959,308		$	113,394,351		$	2,244,846
Proceeds from sales		$	547,063		$	1,592,345,325		$	13,583,229		$	2,867,386,839		$	68,208,023		$	184,709,940		$	779,232

See Notes to the Financial Statements.

83

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL Institutional Alt 100 Fund - Class A(a)			JNL Institutional Alt 25 Fund - Class A(a)			JNL Institutional Alt 25 Fund - Class I(a)			JNL Institutional Alt 50 Fund - Class A(a)			JNL Institutional Alt 50 Fund - Class I(a)			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class A(a)			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I(a)
Operations
Net investment income (loss)		$	(587,231	)	$	(9,933,695	)	$	(1,267	)	$	(8,332,632	)	$	(1,613	)	$	(164,086	)	$	(1,524	)
Net realized gain (loss) on investments			(11,340,954	)		78,961,699			(36,500	)		51,059,677			(54,869	)		(3,729,330	)		(65,540	)
Net change in unrealized appreciation
	(depreciation) on investments		(10,022,976	)		(400,448,447	)		(87,672	)		(292,310,223	)		(90,179	)		(2,468,623	)		(80,027	)
Net change in net assets
	from operations		(21,951,161	)		(331,420,443	)		(125,439	)		(249,583,178	)		(146,661	)		(6,362,039	)		(147,091	)
Contract transactions
Purchase payments			1,123,994			5,574,851			98,000			5,741,467			131,834			2,631,598			34,462
Surrenders and terminations			(9,151,353	)		(64,244,351	)		(68,362	)		(55,821,551	)		(63,957	)		(1,426,787	)		(6,359	)
Transfers between Investment Divisions			(170,080,473	)		(2,135,071,676	)		(855,142	)		(1,816,041,053	)		(1,114,698	)		(43,542,879	)		(1,007,349	)
Contract owner charges			(25,408	)		(11,052,543	)		(4,032	)		(8,939,411	)		(4,617	)		(53,261	)		(2,341	)
Net change in net assets
	from contract transactions		(178,133,240	)		(2,204,793,719	)		(829,536	)		(1,875,060,548	)		(1,051,438	)		(42,391,329	)		(981,587	)
Net change in net assets			(200,084,401	)		(2,536,214,162	)		(954,975	)		(2,124,643,726	)		(1,198,099	)		(48,753,368	)		(1,128,678	)
Net assets beginning of year			200,084,401			2,536,214,162			954,975			2,124,643,726			1,198,099			48,753,368			1,128,678
Net assets end of year		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Contract unit transactions
Units outstanding at beginning of year			18,449,211			123,925,042			51,958			108,835,972			63,015			4,341,179			105,028
Units issued			491,328			1,870,869			5,380			1,945,089			8,428			1,156,385			18,710
Units redeemed			(18,940,539	)		(125,795,911	)		(57,338	)		(110,781,061	)		(71,443	)		(5,497,564	)		(123,738	)
Units outstanding at end of year			—			—			—			—			—			—			—
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	5,133,252		$	34,665,540		$	98,463		$	35,304,338		$	151,970		$	12,455,284		$	191,342
Proceeds from sales		$	183,853,723		$	2,249,392,954		$	929,266		$	1,918,697,518		$	1,205,021		$	55,010,699		$	1,174,454

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

84

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/FAMCO Flex Core Covered Call Fund - Class A(a)			JNL/FAMCO Flex Core Covered Call Fund - Class I(a)			JNL/FPA + DoubleLine Flexible Allocation Fund - Class A(a)			JNL/FPA + DoubleLine Flexible Allocation Fund - Class I(a)			JNL/Franklin Templeton Global Fund - Class A(a)			JNL/Franklin Templeton Global Fund - Class I(a)			JNL/Goldman Sachs Emerging Markets Debt Fund - Class A(a)
Operations
Net investment income (loss)		$	(446,647	)	$	(1,248	)	$	(5,713,929	)	$	(1,522	)	$	(1,559,901	)	$	(1,790	)	$	(400,022	)
Net realized gain (loss) on investments			(18,053,909	)		(148,126	)		(114,034,926	)		(105,395	)		(69,708,749	)		(224,686	)		(14,243,536	)
Net change in unrealized appreciation
	(depreciation) on investments		(9,290,410	)		(48,352	)		(98,539,078	)		(64,498	)		(8,217,940	)		(46,181	)		(1,261,472	)
Net change in net assets
	from operations		(27,790,966	)		(197,726	)		(218,287,933	)		(171,415	)		(79,486,590	)		(272,657	)		(15,905,030	)
Contract transactions
Purchase payments			2,454,392			146,600			4,955,113			119,541			2,765,190			242,972			675,795
Surrenders and terminations			(3,237,674	)		(1,595	)		(37,853,970	)		(6,315	)		(9,343,156	)		(5,687	)		(3,729,772	)
Transfers between Investment Divisions			(115,277,567	)		(874,315	)		(1,208,966,274	)		(1,074,015	)		(323,104,936	)		(1,313,059	)		(92,624,313	)
Contract owner charges			(192,215	)		(3,621	)		(5,829,607	)		(5,455	)		(1,577,250	)		(3,921	)		(275,222	)
Net change in net assets
	from contract transactions		(116,253,064	)		(732,931	)		(1,247,694,738	)		(966,244	)		(331,260,152	)		(1,079,695	)		(95,953,512	)
Net change in net assets			(144,044,030	)		(930,657	)		(1,465,982,671	)		(1,137,659	)		(410,746,742	)		(1,352,352	)		(111,858,542	)
Net assets beginning of year			144,044,030			930,657			1,465,982,671			1,137,659			410,746,742			1,352,352			111,858,542
Net assets end of year		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Contract unit transactions
Units outstanding at beginning of year			9,873,819			66,657			99,363,163			66,432			33,902,201			92,670			8,160,589
Units issued			697,217			22,020			1,848,015			12,382			1,349,738			40,959			286,928
Units redeemed			(10,571,036	)		(88,677	)		(101,211,178	)		(78,814	)		(35,251,939	)		(133,629	)		(8,447,517	)
Units outstanding at end of year			—			—			—			—			—			—			—
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	8,810,580		$	291,176		$	24,635,802		$	199,741		$	14,338,860		$	494,353		$	3,650,283
Proceeds from sales		$	125,510,292		$	1,025,355		$	1,278,044,469		$	1,167,507		$	347,158,914		$	1,575,837		$	100,003,817

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

85

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Invesco China-India Fund - Class A(a)			JNL/Invesco China-India Fund - Class I(a)			JNL/Mellon S&P 1500 Growth Index Fund - Class A(a)			JNL/Mellon S&P 1500 Growth Index Fund - Class I(a)			JNL/Mellon S&P 1500 Value Index Fund - Class A(a)			JNL/Mellon S&P 1500 Value Index Fund - Class I(a)			JNL/Neuberger Berman Currency Fund - Class A(a)
Operations
Net investment income (loss)		$	(1,913,537	)	$	(1,622	)	$	(603,661	)	$	(8,237	)	$	(383,007	)	$	(6,135	)	$	(35,267	)
Net realized gain (loss) on investments			(28,693,521	)		(119,243	)		1,332,854			(183,533	)		(11,430,373	)		(607,282	)		(271,902	)
Net change in unrealized appreciation
	(depreciation) on investments		(40,532,150	)		(49,043	)		(14,687,894	)		(515,685	)		(11,031,358	)		(491,661	)		24,048
Net change in net assets
	from operations		(71,139,208	)		(169,908	)		(13,958,701	)		(707,455	)		(22,844,738	)		(1,105,078	)		(283,121	)
Contract transactions
Purchase payments			5,188,108			66,427			6,096,858			1,051,993			5,668,903			398,398			92,024
Surrenders and terminations			(9,281,340	)		(117,471	)		(2,891,535	)		(94,367	)		(1,550,547	)		(10,424	)		(418,599	)
Transfers between Investment Divisions			(423,181,478	)		(1,024,013	)		(123,162,046	)		(4,962,791	)		(79,420,844	)		(3,979,404	)		(9,791,855	)
Contract owner charges			(1,858,516	)		(6,321	)		(504,292	)		(14,204	)		(343,070	)		(9,730	)		(15,246	)
Net change in net assets
	from contract transactions		(429,133,226	)		(1,081,378	)		(120,461,015	)		(4,019,369	)		(75,645,558	)		(3,601,160	)		(10,133,676	)
Net change in net assets			(500,272,434	)		(1,251,286	)		(134,419,716	)		(4,726,824	)		(98,490,296	)		(4,706,238	)		(10,416,797	)
Net assets beginning of year			500,272,434			1,251,286			134,419,716			4,726,824			98,490,296			4,706,238			10,416,797
Net assets end of year		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Contract unit transactions
Units outstanding at beginning of year			50,720,479			111,497			10,152,408			344,145			8,163,513			375,956			1,057,120
Units issued			3,826,318			24,264			5,522,421			319,735			3,134,693			139,082			101,216
Units redeemed			(54,546,797	)		(135,761	)		(15,674,829	)		(663,880	)		(11,298,206	)		(515,038	)		(1,158,336	)
Units outstanding at end of year			—			—			—			—			—			—			—
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	35,973,171		$	253,107		$	72,237,296		$	4,532,668		$	32,838,996		$	1,583,263		$	963,351
Proceeds from sales		$	467,019,935		$	1,336,107		$	193,301,972		$	8,560,274		$	108,867,561		$	5,190,557		$	11,132,294

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

86

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/Neuberger Berman Currency Fund - Class I(a)			JNL/Nicholas Convertible Arbitrage Fund - Class A(a)			JNL/Nicholas Convertible Arbitrage Fund - Class I(a)			JNL/Oppenheimer Emerging Markets Innovator Fund - Class A(a)			JNL/PPM America Mid Cap Value Fund - Class A(a)			JNL/PPM America Mid Cap Value Fund - Class I(a)			JNL/PPM America Value Equity Fund - Class A(a)
Operations
Net investment income (loss)		$	(121	)	$	(209,811	)	$	(193	)	$	(105,843	)	$	(1,629,649	)	$	(2,126	)	$	(685,612	)
Net realized gain (loss) on investments			(2,219	)		1,011,702			2,188			(9,177,302	)		(182,737,000	)		(634,723	)		(18,690,403	)
Net change in unrealized appreciation
	(depreciation) on investments		294			(2,892,448	)		(5,813	)		(895,687	)		17,100,052			6,994			(33,686,915	)
Net change in net assets
	from operations		(2,046	)		(2,090,557	)		(3,818	)		(10,178,832	)		(167,266,597	)		(629,855	)		(53,062,930	)
Contract transactions
Purchase payments			—			701,828			16,000			1,083,596			6,086,154			225,221			1,490,302
Surrenders and terminations			(23	)		(2,917,252	)		(5	)		(856,228	)		(8,941,051	)		(14,813	)		(4,373,178	)
Transfers between Investment Divisions			(84,075	)		(57,961,472	)		(140,928	)		(29,464,165	)		(324,856,700	)		(1,419,528	)		(132,313,330	)
Contract owner charges			(307	)		(52,812	)		(310	)		(6,502	)		(1,460,720	)		(5,073	)		(557,060	)
Net change in net assets
	from contract transactions		(84,405	)		(60,229,708	)		(125,243	)		(29,243,299	)		(329,172,317	)		(1,214,193	)		(135,753,266	)
Net change in net assets			(86,451	)		(62,320,265	)		(129,061	)		(39,422,131	)		(496,438,914	)		(1,844,048	)		(188,816,196	)
Net assets beginning of year			86,451			62,320,265			129,061			39,422,131			496,438,914			1,844,048			188,816,196
Net assets end of year		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Contract unit transactions
Units outstanding at beginning of year			8,493			5,570,089			11,590			3,605,308			25,267,591			79,781			5,192,704
Units issued			259			1,056,660			3,820			503,792			2,020,635			29,326			308,959
Units redeemed			(8,752	)		(6,626,749	)		(15,410	)		(4,109,100	)		(27,288,226	)		(109,107	)		(5,501,663	)
Units outstanding at end of year			—			—			—			—			—			—			—
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	2,553		$	11,459,813		$	41,502		$	4,910,885		$	28,356,027		$	514,731		$	8,734,944
Proceeds from sales		$	87,082		$	71,899,332		$	166,938		$	34,260,028		$	359,157,994		$	1,731,049		$	145,173,822

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

87

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2020
		JNL/PPM America Value Equity Fund - Class I(a)			JNL/S&P Mid 3 Fund - Class A(a)			JNL/S&P Mid 3 Fund - Class I(a)			JNL/Scout Unconstrained Bond Fund - Class A(a)			JNL/The London Company Focused U.S. Equity Fund - Class A(a)			JNL/The London Company Focused U.S. Equity Fund - Class I(a)			JNL/VanEck International Gold Fund - Class A(a)
Operations
Net investment income (loss)		$	(1,153	)	$	(670,163	)	$	(708	)	$	(121,515	)	$	(96,938	)	$	(1,363	)	$	(200,891	)
Net realized gain (loss) on investments			(187,377	)		(63,982,951	)		(250,938	)		188,512			(7,454,909	)		(290,672	)		11,760,578
Net change in unrealized appreciation
	(depreciation) on investments		(81,335	)		(8,378,341	)		6,918			(1,598,632	)		1,204,235			83,941			(8,174,843	)
Net change in net assets
	from operations		(269,865	)		(73,031,455	)		(244,728	)		(1,531,635	)		(6,347,612	)		(208,094	)		3,384,844
Contract transactions
Purchase payments			—			1,849,913			7,465			634,631			750,442			76,500			2,751,015
Surrenders and terminations			(4,289	)		(3,570,703	)		(4,050	)		(1,261,506	)		(780,313	)		(2,858	)		(2,093,847	)
Transfers between Investment Divisions			(683,714	)		(131,633,019	)		(245,465	)		(37,356,259	)		(26,178,346	)		(931,996	)		(67,990,364	)
Contract owner charges			(3,461	)		(636,896	)		(1,564	)		(4,205	)		(43,488	)		(4,954	)		(15,765	)
Net change in net assets
	from contract transactions		(691,464	)		(133,990,705	)		(243,614	)		(37,987,339	)		(26,251,705	)		(863,308	)		(67,348,961	)
Net change in net assets			(961,329	)		(207,022,160	)		(488,342	)		(39,518,974	)		(32,599,317	)		(1,071,402	)		(63,964,117	)
Net assets beginning of year			961,329			207,022,160			488,342			39,518,974			32,599,317			1,071,402			63,964,117
Net assets end of year		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Contract unit transactions
Units outstanding at beginning of year			17,547			16,202,944			35,308			3,902,277			1,976,366			62,312			10,479,624
Units issued			576			1,330,649			29,787			384,605			254,584			10,521			2,922,501
Units redeemed			(18,123	)		(17,533,593	)		(65,095	)		(4,286,882	)		(2,230,950	)		(72,833	)		(13,402,125	)
Units outstanding at end of year			—			—			—			—			—			—			—
Cost of purchases and proceeds
	from sales of the Investment Divisions
Cost of purchases		$	21,733		$	11,789,772		$	341,180		$	3,842,922		$	3,615,549		$	156,569		$	17,080,944
Proceeds from sales		$	714,350		$	146,450,640		$	585,502		$	41,951,777		$	29,964,192		$	1,021,240		$	84,630,797

(a) The period is from January 1, 2020 through April 24, 2020, the date the Fund was acquired. See Note 1. in the Notes to Financial Statements.

See Notes to the Financial Statements.

88

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL Aggressive Growth Allocation Fund - Class A			JNL Aggressive Growth Allocation Fund - Class I			JNL Conservative Allocation Fund - Class A			JNL Conservative Allocation Fund - Class I			JNL Growth Allocation Fund - Class A			JNL Growth Allocation Fund - Class I			JNL iShares Tactical Growth Fund - Class A
Operations
Net investment income (loss)		$	(17,712,009	)	$	(27,937	)	$	(4,324,957	)	$	(10,569	)	$	(28,527,310	)	$	(37,821	)	$	1,335,313
Net realized gain (loss) on investments			43,214,907			51,267			7,541,473			50,919			68,078,512			110,106			8,309,288
Net change in unrealized appreciation
	(depreciation) on investments		270,395,886			1,300,290			34,828,678			174,135			388,287,622			1,642,827			28,191,979
Net change in net assets
	from operations		295,898,784			1,323,620			38,045,194			214,485			427,838,824			1,715,112			37,836,580
Contract transactions
Purchase payments			62,583,181			3,338,537			54,424,483			3,236,662			78,869,584			4,793,264			23,725,587
Surrenders and terminations			(116,711,038	)		(47,710	)		(56,830,391	)		(511,622	)		(154,278,376	)		(90,342	)		(17,562,313	)
Transfers between Investment Divisions			(54,914,583	)		(126,011	)		71,068,352			(121,304	)		(76,590,706	)		(661,782	)		2,741,725
Contract owner charges			(15,285,428	)		(86,250	)		(1,724,826	)		(22,736	)		(26,214,054	)		(53,191	)		(384,138	)
Net change in net assets
	from contract transactions		(124,327,868	)		3,078,566			66,937,618			2,581,000			(178,213,552	)		3,987,949			8,520,861
Net change in net assets			171,570,916			4,402,186			104,982,812			2,795,485			249,625,272			5,703,061			46,357,441
Net assets beginning of year			1,255,546,244			3,715,949			322,078,506			357,209			2,011,397,955			5,905,770			181,416,597
Net assets end of year		$	1,427,117,160		$	8,118,135		$	427,061,318		$	3,152,694		$	2,261,023,227		$	11,608,831		$	227,774,038
Contract unit transactions
Units outstanding at beginning of year			96,925,296			306,822			29,228,563			31,132			146,725,103			446,073			12,581,876
Units issued			10,562,888			295,155			16,445,956			330,990			12,374,330			490,769			3,409,587
Units redeemed			(19,073,676	)		(77,211	)		(10,739,303	)		(116,926	)		(24,294,168	)		(233,688	)		(2,831,873	)
Units outstanding at end of year			88,414,508			524,766			34,935,216			245,196			134,805,265			703,154			13,159,590

See Notes to the Financial Statements.

89

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL iShares Tactical Growth Fund - Class I			JNL iShares Tactical Moderate Fund - Class A			JNL iShares Tactical Moderate Fund - Class I			JNL iShares Tactical Moderate Growth Fund - Class A			JNL iShares Tactical Moderate Growth Fund - Class I			JNL Moderate Allocation Fund - Class A			JNL Moderate Allocation Fund - Class I
Operations
Net investment income (loss)		$	42,451		$	1,189,258		$	33,725		$	2,144,239		$	56,152		$	(5,688,535	)	$	(16,371	)
Net realized gain (loss) on investments			50,639			3,439,756			33,751			7,949,389			48,334			11,166,916			21,986
Net change in unrealized appreciation
	(depreciation) on investments		441,447			10,908,890			133,783			28,324,108			358,201			61,370,311			508,063
Net change in net assets
	from operations		534,537			15,537,904			201,259			38,417,736			462,687			66,848,692			513,678
Contract transactions
Purchase payments			369,086			15,656,702			733,255			21,656,030			829,110			64,312,225			3,233,172
Surrenders and terminations			(35,744	)		(13,901,614	)		(57,820	)		(22,478,598	)		(34,395	)		(65,219,072	)		(379,727	)
Transfers between Investment Divisions			(59,649	)		6,167,121			(55,223	)		(2,595,142	)		(169,724	)		45,879,333			(51,742	)
Contract owner charges			(40,392	)		(279,298	)		(20,735	)		(376,378	)		(29,468	)		(1,885,395	)		(29,513	)
Net change in net assets
	from contract transactions		233,301			7,642,911			599,477			(3,794,088	)		595,523			43,087,091			2,772,190
Net change in net assets			767,838			23,180,815			800,736			34,623,648			1,058,210			109,935,783			3,285,868
Net assets beginning of year			2,307,208			116,202,665			1,110,041			230,255,587			2,282,248			453,477,404			2,596,975
Net assets end of year		$	3,075,046		$	139,383,480		$	1,910,777		$	264,879,235		$	3,340,458		$	563,413,187		$	5,882,843
Contract unit transactions
Units outstanding at beginning of year			175,047			9,665,518			92,527			17,199,507			176,123			36,646,040			208,284
Units issued			47,850			3,358,715			74,056			3,043,657			65,770			11,462,572			270,017
Units redeemed			(30,640	)		(2,636,424	)		(25,687	)		(3,293,464	)		(18,861	)		(7,922,458	)		(76,148	)
Units outstanding at end of year			192,257			10,387,809			140,896			16,949,700			223,032			40,186,154			402,153

See Notes to the Financial Statements.

90

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL Moderate Growth Allocation Fund - Class A			JNL Moderate Growth Allocation Fund - Class I			JNL Multi-Manager Alternative Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class A			JNL Multi-Manager Emerging Markets Equity Fund - Class I			JNL Multi-Manager International Small Cap Fund - Class A
Operations
Net investment income (loss)		$	(27,201,561	)	$	(14,828	)	$	(140,860	)	$	2,745,350		$	94,514		$	(801	)
Net realized gain (loss) on investments			56,793,781			43,321			141,124			(2,522,133	)		(43,795	)		16,413
Net change in unrealized appreciation
	(depreciation) on investments		324,379,724			492,166			1,085,391			54,516,879			614,567			615,124
Net change in net assets
	from operations		353,971,944			520,659			1,085,655			54,740,096			665,286			630,736
Contract transactions
Purchase payments			91,266,178			1,499,825			1,334,448			20,924,454			1,485,283			784,644
Surrenders and terminations			(219,475,853	)		(341,326	)		(1,305,394	)		(36,038,382	)		(77,079	)		(73,018	)
Transfers between Investment Divisions			(8,265,481	)		469,730			328,797			16,717,018			725,194			4,303,854
Contract owner charges			(19,712,175	)		(38,119	)		(5,746	)		(3,520,858	)		(44,466	)		(195	)
Net change in net assets
	from contract transactions		(156,187,331	)		1,590,110			352,105			(1,917,768	)		2,088,932			5,015,285
Net change in net assets			197,784,613			2,110,769			1,437,760			52,822,328			2,754,218			5,646,021
Net assets beginning of year			2,022,087,117			1,855,406			13,685,513			339,582,744			2,701,094			411,487
Net assets end of year		$	2,219,871,730		$	3,966,175		$	15,123,273		$	392,405,072		$	5,455,312		$	6,057,508
Contract unit transactions
Units outstanding at beginning of year			143,286,956			145,324			1,427,450			27,486,487			182,554			51,123
Units issued			15,565,611			157,434			427,597			7,161,120			189,133			611,755
Units redeemed			(26,266,249	)		(42,385	)		(395,642	)		(7,302,616	)		(57,440	)		(86,201	)
Units outstanding at end of year			132,586,318			260,373			1,459,405			27,344,991			314,247			576,677

See Notes to the Financial Statements.

91

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL Multi-Manager Mid Cap Fund - Class A			JNL Multi-Manager Mid Cap Fund - Class I			JNL Multi-Manager Small Cap Growth Fund - Class A			JNL Multi-Manager Small Cap Growth Fund - Class I			JNL Multi-Manager Small Cap Value Fund - Class A			JNL Multi-Manager Small Cap Value Fund - Class I			JNL S&P 500 Index Fund - Class I
Operations
Net investment income (loss)		$	(1,909,020	)	$	(9,418	)	$	(22,833,984	)	$	(36,632	)	$	(8,300,365	)	$	(8,789	)	$	(225,882	)
Net realized gain (loss) on investments			2,250,493			34,787			47,253,346			92,905			(8,526,598	)		(13,850	)		909,083
Net change in unrealized appreciation
	(depreciation) on investments		32,346,828			462,403			431,607,793			2,037,517			144,168,841			444,139			12,224,629
Net change in net assets
	from operations		32,688,301			487,772			456,027,155			2,093,790			127,341,878			421,500			12,907,830
Contract transactions
Purchase payments			27,326,936			1,131,899			120,814,492			3,528,583			29,126,227			1,188,681			39,212,031
Surrenders and terminations			(7,690,397	)		(54,244	)		(126,267,106	)		(356,834	)		(45,469,414	)		(69,213	)		(1,706,609	)
Transfers between Investment Divisions			40,449,063			(268,157	)		121,005,158			1,731,892			20,559,256			446,243			3,545,575
Contract owner charges			(1,769,844	)		(22,850	)		(20,664,175	)		(85,458	)		(7,194,847	)		(20,494	)		(484,252	)
Net change in net assets
	from contract transactions		58,315,758			786,648			94,888,369			4,818,183			(2,978,778	)		1,545,217			40,566,745
Net change in net assets			91,004,059			1,274,420			550,915,524			6,911,973			124,363,100			1,966,717			53,474,575
Net assets beginning of year			101,433,173			1,509,350			1,318,819,103			4,465,611			540,930,885			1,055,404			27,799,448
Net assets end of year		$	192,437,232		$	2,783,770		$	1,869,734,627		$	11,377,584		$	665,293,985		$	3,022,121		$	81,274,023
Contract unit transactions
Units outstanding at beginning of year			8,948,522			129,862			27,849,298			67,706			28,899,860			45,714			2,729,944
Units issued			7,238,057			126,127			7,990,940			80,943			5,723,850			71,616			4,596,748
Units redeemed			(2,826,983	)		(69,678	)		(6,570,160	)		(22,473	)		(5,931,482	)		(12,531	)		(1,207,615	)
Units outstanding at end of year			13,359,596			186,311			29,270,078			126,176			28,692,228			104,799			6,119,077

See Notes to the Financial Statements.

92

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/American Funds Balanced Fund - Class A			JNL/American Funds Balanced Fund - Class I			JNL/American Funds Blue Chip Income and Growth Fund - Class A			JNL/American Funds Blue Chip Income and Growth Fund - Class I			JNL/American Funds Capital Income Builder Fund - Class A			JNL/American Funds Capital Income Builder Fund - Class I			JNL/American Funds Capital World Bond Fund - Class A
Operations
Net investment income (loss)		$	(16,546,696	)	$	(70,199	)	$	(39,730,314	)	$	(43,709	)	$	(828,676	)	$	(8,950	)	$	(6,501,338	)
Net realized gain (loss) on investments			7,981,805			33,642			127,208,095			71,512			599,805			28,356			2,492,277
Net change in unrealized appreciation
	(depreciation) on investments		216,528,244			2,859,549			423,352,455			1,894,123			9,283,845			301,775			31,489,818
Net change in net assets
	from operations		207,963,353			2,822,992			510,830,236			1,921,926			9,054,974			321,181			27,480,757
Contract transactions
Purchase payments			242,177,007			8,629,962			146,759,626			6,871,869			52,961,343			1,666,957			18,252,944
Surrenders and terminations			(69,465,671	)		(286,637	)		(200,955,753	)		(681,895	)		(2,574,665	)		(48,825	)		(38,001,663	)
Transfers between Investment Divisions			137,530,686			524,734			(70,632,426	)		243,342			39,541,826			(240,482	)		(4,882,484	)
Contract owner charges			(15,466,316	)		(160,262	)		(39,441,730	)		(114,588	)		(643,022	)		(18,332	)		(6,265,166	)
Net change in net assets
	from contract transactions		294,775,706			8,707,797			(164,270,283	)		6,318,728			89,285,482			1,359,318			(30,896,369	)
Net change in net assets			502,739,059			11,530,789			346,559,953			8,240,654			98,340,456			1,680,499			(3,415,612	)
Net assets beginning of year			963,781,527			10,200,796			2,699,797,791			5,838,439			21,747,318			1,211,873			472,081,340
Net assets end of year		$	1,466,520,586		$	21,731,585		$	3,046,357,744		$	14,079,093		$	120,087,774		$	2,892,372		$	468,665,728
Contract unit transactions
Units outstanding at beginning of year			62,689,945			500,900			141,339,101			268,332			2,310,714			128,401			45,804,120
Units issued			27,795,889			486,933			17,529,873			422,070			10,195,442			191,264			6,767,616
Units redeemed			(10,612,798	)		(102,794	)		(25,541,173	)		(152,953	)		(1,478,780	)		(58,053	)		(9,801,820	)
Units outstanding at end of year			79,873,036			885,039			133,327,801			537,449			11,027,376			261,612			42,769,916

See Notes to the Financial Statements.

93

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/American Funds Capital World Bond Fund - Class I			JNL/American Funds Global Growth Fund - Class A			JNL/American Funds Global Growth Fund - Class I			JNL/American Funds Global Small Capitalization Fund - Class A			JNL/American Funds Global Small Capitalization Fund - Class I			JNL/American Funds Growth Allocation Fund - Class A			JNL/American Funds Growth Allocation Fund - Class I
Operations
Net investment income (loss)		$	(7,093	)	$	(3,523,662	)	$	(21,083	)	$	(8,917,273	)	$	(16,689	)	$	(32,621,902	)	$	(60,387	)
Net realized gain (loss) on investments			6,922			6,793,274			50,641			11,770,485			45,795			66,158,953			126,959
Net change in unrealized appreciation
	(depreciation) on investments		100,608			82,196,351			1,323,513			162,945,923			920,940			439,915,183			2,599,048
Net change in net assets
	from operations		100,437			85,465,963			1,353,071			165,799,135			950,046			473,452,234			2,665,620
Contract transactions
Purchase payments			879,541			68,275,679			2,735,161			32,125,327			1,351,241			214,000,659			4,662,975
Surrenders and terminations			(51,814	)		(19,565,020	)		(151,906	)		(42,214,180	)		(218,779	)		(124,125,375	)		(388,496	)
Transfers between Investment Divisions			142,911			86,066,375			315,533			(21,576,808	)		68,681			(33,749,923	)		494,306
Contract owner charges			(12,791	)		(1,454,142	)		(52,705	)		(8,913,642	)		(37,147	)		(32,069,694	)		(153,326	)
Net change in net assets
	from contract transactions		957,847			133,322,892			2,846,083			(40,579,303	)		1,163,996			24,055,667			4,615,459
Net change in net assets			1,058,284			218,788,855			4,199,154			125,219,832			2,114,042			497,507,901			7,281,079
Net assets beginning of year			1,122,789			206,532,871			2,795,455			582,674,388			2,547,987			2,170,711,051			9,260,160
Net assets end of year		$	2,181,073		$	425,321,726		$	6,994,609		$	707,894,220		$	4,662,029		$	2,668,218,952		$	16,541,239
Contract unit transactions
Units outstanding at beginning of year			95,227			15,303,097			211,396			41,752,217			160,808			146,895,742			599,359
Units issued			103,958			12,612,051			250,148			5,730,291			114,276			23,511,302			419,769
Units redeemed			(26,139	)		(4,156,941	)		(70,803	)		(8,287,244	)		(50,300	)		(22,286,876	)		(150,655	)
Units outstanding at end of year			173,046			23,758,207			390,741			39,195,264			224,784			148,120,168			868,473

See Notes to the Financial Statements.

94

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/American Funds Growth Fund - Class A			JNL/American Funds Growth Fund - Class I			JNL/American Funds Growth-Income Fund - Class A			JNL/American Funds Growth-Income Fund - Class I			JNL/American Funds International Fund - Class A			JNL/American Funds International Fund - Class I			JNL/American Funds Moderate Growth Allocation Fund - Class A
Operations
Net investment income (loss)		$	(9,778,251	)	$	(65,520	)	$	(87,591,829	)	$	(174,128	)	$	(23,295,364	)	$	(35,774	)	$	(29,255,565	)
Net realized gain (loss) on investments			29,410,975			224,657			269,797,908			374,179			24,721,824			(50,013	)		63,169,062
Net change in unrealized appreciation
	(depreciation) on investments		181,901,049			3,614,846			1,224,256,897			8,263,452			327,381,525			1,644,534			304,170,846
Net change in net assets
	from operations		201,533,773			3,773,983			1,406,462,976			8,463,503			328,807,985			1,558,747			338,084,343
Contract transactions
Purchase payments			292,333,669			7,558,912			682,251,065			21,955,889			86,629,625			2,713,306			146,509,129
Surrenders and terminations			(52,359,294	)		(819,550	)		(388,877,352	)		(1,203,113	)		(103,379,834	)		(406,565	)		(154,976,229	)
Transfers between Investment Divisions			153,450,161			269,945			(47,405,708	)		(499,313	)		(97,413,788	)		(401,089	)		(18,198,079	)
Contract owner charges			(5,389,256	)		(163,930	)		(83,501,355	)		(494,213	)		(21,123,504	)		(83,982	)		(26,962,534	)
Net change in net assets
	from contract transactions		388,035,280			6,845,377			162,466,650			19,759,250			(135,287,501	)		1,821,670			(53,627,713	)
Net change in net assets			589,569,053			10,619,360			1,568,929,626			28,222,753			193,520,484			3,380,417			284,456,630
Net assets beginning of year			518,662,934			9,274,100			5,780,078,421			24,203,766			1,632,856,406			6,464,198			2,009,614,646
Net assets end of year		$	1,108,231,987		$	19,893,460		$	7,349,008,047		$	52,426,519		$	1,826,376,890		$	9,844,615		$	2,294,071,276
Contract unit transactions
Units outstanding at beginning of year			25,442,043			434,247			277,013,360			1,027,526			128,182,615			447,287			148,503,193
Units issued			25,179,937			464,942			49,162,736			1,185,581			14,181,734			244,762			20,608,309
Units redeemed			(8,112,466	)		(181,410	)		(42,436,934	)		(428,582	)		(23,925,091	)		(134,200	)		(24,519,912	)
Units outstanding at end of year			42,509,514			717,779			283,739,162			1,784,525			118,439,258			557,849			144,591,590

See Notes to the Financial Statements.

95

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/American Funds Moderate Growth Allocation Fund - Class I			JNL/American Funds New World Fund - Class A			JNL/American Funds New World Fund - Class I			JNL/AQR Large Cap Defensive Style Fund - Class A(a)			JNL/AQR Large Cap Defensive Style Fund - Class I(a)			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A			JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I
Operations
Net investment income (loss)		$	(49,847	)	$	(17,635,735	)	$	(41,402	)	$	(109,950	)	$	(671	)	$	(3,847,109	)	$	(4,078	)
Net realized gain (loss) on investments			103,736			26,315,025			108,923			120,711			1,106			5,378,340			(5,783	)
Net change in unrealized appreciation
	(depreciation) on investments		1,799,943			293,240,095			2,176,153			1,638,037			29,032			59,475,325			211,138
Net change in net assets
	from operations		1,853,832			301,919,385			2,243,674			1,648,798			29,467			61,006,556			201,277
Contract transactions
Purchase payments			7,035,514			64,354,301			4,263,333			5,372,690			284,879			4,554,546			125,008
Surrenders and terminations			(834,713	)		(79,339,443	)		(428,463	)		(743,734	)		(1,170	)		(22,156,897	)		(1,611	)
Transfers between Investment Divisions			(480,204	)		(27,289,173	)		65,612			28,156,072			257,538			(27,896,520	)		275,314
Contract owner charges			(104,415	)		(17,670,516	)		(94,928	)		(91,863	)		(677	)		(3,538,927	)		(10,734	)
Net change in net assets
	from contract transactions		5,616,182			(59,944,831	)		3,805,554			32,693,165			540,570			(49,037,798	)		387,977
Net change in net assets			7,470,014			241,974,554			6,049,228			34,341,963			570,037			11,968,758			589,254
Net assets beginning of year			7,934,714			1,148,077,068			6,165,264			—			—			271,715,053			621,832
Net assets end of year		$	15,404,728		$	1,390,051,622		$	12,214,492		$	34,341,963		$	570,037		$	283,683,811		$	1,211,086
Contract unit transactions
Units outstanding at beginning of year			557,601			99,661,537			471,130			—			—			18,892,156			35,977
Units issued			529,221			13,571,010			437,854			3,723,105			61,171			1,396,187			27,319
Units redeemed			(169,253	)		(18,288,350	)		(180,996	)		(491,709	)		(7,822	)		(4,451,697	)		(7,383	)
Units outstanding at end of year			917,569			94,944,197			727,988			3,231,396			53,349			15,836,646			55,913

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on June 24, 2019.

See Notes to the Financial Statements.

96

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/AQR Managed Futures Strategy Fund - Class A			JNL/BlackRock Advantage International Fund - Class A(a)			JNL/BlackRock Advantage International Fund - Class I(a)			JNL/BlackRock Global Allocation Fund - Class A			JNL/BlackRock Global Allocation Fund - Class I			JNL/BlackRock Global Natural Resources Fund - Class A			JNL/BlackRock Global Natural Resources Fund - Class I
Operations
Net investment income (loss)		$	(995,337	)	$	11,050		$	998		$	(44,831,150	)	$	(54,870	)	$	(8,274,647	)	$	(7,030	)
Net realized gain (loss) on investments			(7,607,937	)		499			12			40,626,375			(29,043	)		(22,134,750	)		4,796
Net change in unrealized appreciation
	(depreciation) on investments		7,966,268			155,557			4,261			508,106,301			2,106,122			106,449,905			190,948
Net change in net assets
	from operations		(637,006	)		167,106			5,271			503,901,526			2,022,209			76,040,508			188,714
Contract transactions
Purchase payments			1,726,100			1,897,310			127,339			116,491,155			4,793,364			15,838,153			1,343,595
Surrenders and terminations			(12,096,594	)		(11,724	)		—			(272,659,837	)		(667,802	)		(53,461,455	)		(20,642	)
Transfers between Investment Divisions			(8,957,321	)		1,159,699			26,899			(187,987,615	)		(841,473	)		(18,550,596	)		926,100
Contract owner charges			(193,027	)		(7,010	)		(153	)		(43,829,362	)		(166,177	)		(7,834,306	)		(21,976	)
Net change in net assets
	from contract transactions		(19,520,842	)		3,038,275			154,085			(387,985,659	)		3,117,912			(64,008,204	)		2,227,077
Net change in net assets			(20,157,848	)		3,205,381			159,356			115,915,867			5,140,121			12,032,304			2,415,791
Net assets beginning of year			104,656,761			—			—			3,293,386,734			9,598,347			589,691,515			614,425
Net assets end of year		$	84,498,913		$	3,205,381		$	159,356		$	3,409,302,601		$	14,738,468		$	601,723,819		$	3,030,216
Contract unit transactions
Units outstanding at beginning of year			11,588,656			—			—			268,415,432			696,969			85,587,050			77,960
Units issued			989,384			310,134			15,079			21,183,820			603,763			9,316,495			298,255
Units redeemed			(3,140,594	)		(5,352	)		(15	)		(50,845,102	)		(372,816	)		(17,902,391	)		(37,571	)
Units outstanding at end of year			9,437,446			304,782			15,064			238,754,150			927,916			77,001,154			338,644

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on June 24, 2019.

See Notes to the Financial Statements.

97

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/BlackRock Large Cap Select Growth Fund - Class A			JNL/BlackRock Large Cap Select Growth Fund - Class I			JNL/Boston Partners Global Long Short Equity Fund - Class A			JNL/Boston Partners Global Long Short Equity Fund - Class I			JNL/Causeway International Value Select Fund - Class A			JNL/Causeway International Value Select Fund - Class I			JNL/ClearBridge Large Cap Growth Fund - Class A
Operations
Net investment income (loss)		$	(35,588,619	)	$	(64,163	)	$	(405,218	)	$	(1,658	)	$	6,627,088		$	60,602		$	(3,021,068	)
Net realized gain (loss) on investments			106,438,142			121,938			(488,278	)		(2,811	)		21,760,714			75,658			9,572,975
Net change in unrealized appreciation
	(depreciation) on investments		587,992,720			3,469,124			2,226,090			19,988			42,362,902			193,332			46,267,232
Net change in net assets
	from operations		658,842,243			3,526,899			1,332,594			15,519			70,750,704			329,592			52,819,139
Contract transactions
Purchase payments			172,538,978			5,902,942			4,862,945			158,490			15,558,804			657,194			52,630,670
Surrenders and terminations			(190,930,062	)		(776,114	)		(3,294,460	)		(510	)		(31,709,148	)		(263,403	)		(13,135,095	)
Transfers between Investment Divisions			67,318,857			2,488,392			2,768,463			41,472			(3,200,004	)		22,948			84,852,990
Contract owner charges			(33,088,470	)		(165,222	)		(126,166	)		(3,572	)		(5,566,473	)		(24,018	)		(2,671,964	)
Net change in net assets
	from contract transactions		15,839,303			7,449,998			4,210,782			195,880			(24,916,821	)		392,721			121,676,601
Net change in net assets			674,681,546			10,976,897			5,543,376			211,399			45,833,883			722,313			174,495,740
Net assets beginning of year			2,165,262,828			8,660,190			34,144,327			243,431			417,372,056			1,415,938			112,482,528
Net assets end of year		$	2,839,944,374		$	19,637,087		$	39,687,703		$	454,830		$	463,205,939		$	2,138,251		$	286,978,268
Contract unit transactions
Units outstanding at beginning of year			38,218,840			105,384			3,437,579			24,317			31,251,676			76,820			10,559,538
Units issued			7,947,685			106,684			1,786,636			26,937			4,289,978			78,507			19,067,258
Units redeemed			(7,924,495	)		(28,631	)		(1,352,785	)		(7,950	)		(6,050,622	)		(56,682	)		(8,942,318	)
Units outstanding at end of year			38,242,030			183,437			3,871,430			43,304			29,491,032			98,645			20,684,478

See Notes to the Financial Statements.

98

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/ClearBridge Large Cap Growth Fund - Class I			JNL/DFA Growth Allocation Fund - Class A			JNL/DFA Growth Allocation Fund - Class I			JNL/DFA International Core Equity Fund - Class A(a)			JNL/DFA International Core Equity Fund - Class I(a)			JNL/DFA Moderate Growth Allocation Fund - Class A			JNL/DFA Moderate Growth Allocation Fund - Class I
Operations
Net investment income (loss)		$	(23,541	)	$	78,830		$	50,801		$	(22,227	)	$	(158	)	$	394,084		$	64,578
Net realized gain (loss) on investments			126,019			3,019,091			53,254			16,574			59			2,182,140			63,866
Net change in unrealized appreciation
	(depreciation) on investments		1,148,363			27,893,086			603,673			517,899			12,582			18,149,569			631,501
Net change in net assets
	from operations		1,250,841			30,991,007			707,728			512,246			12,483			20,725,793			759,945
Contract transactions
Purchase payments			3,316,558			34,349,040			1,306,298			3,588,089			222,134			28,680,630			1,128,990
Surrenders and terminations			(150,065	)		(6,489,296	)		(38,909	)		(198,913	)		—			(8,671,701	)		(84,506	)
Transfers between Investment Divisions			1,522,569			(5,135,935	)		239,642			4,810,721			(2,203	)		3,188,356			21,601
Contract owner charges			(58,833	)		(2,247,326	)		(41,488	)		(16,672	)		(533	)		(1,601,804	)		(29,958	)
Net change in net assets
	from contract transactions		4,630,229			20,476,483			1,465,543			8,183,225			219,398			21,595,481			1,036,127
Net change in net assets			5,881,070			51,467,490			2,173,271			8,695,471			231,881			42,321,274			1,796,072
Net assets beginning of year			2,426,698			148,559,177			2,700,463			—			—			114,807,412			3,758,995
Net assets end of year		$	8,307,768		$	200,026,667		$	4,873,734		$	8,695,471		$	231,881		$	157,128,686		$	5,555,067
Contract unit transactions
Units outstanding at beginning of year			224,508			15,299,343			269,793			—			—			11,699,129			372,719
Units issued			487,328			6,355,365			152,818			841,835			23,186			4,848,812			150,655
Units redeemed			(126,684	)		(4,479,864	)		(21,197	)		(33,186	)		(1,747	)		(2,844,694	)		(53,622	)
Units outstanding at end of year			585,152			17,174,844			401,414			808,649			21,439			13,703,247			469,752

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on June 24, 2019.

See Notes to the Financial Statements.

99

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/DFA U.S. Core Equity Fund - Class A			JNL/DFA U.S. Core Equity Fund - Class I			JNL/DFA U.S. Small Cap Fund - Class A			JNL/DFA U.S. Small Cap Fund - Class I			JNL/DoubleLine Core Fixed Income Fund - Class A			JNL/DoubleLine Core Fixed Income Fund - Class I			JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
Operations
Net investment income (loss)		$	(14,282,902	)	$	(28,454	)	$	(708,514	)	$	25,879		$	33,570,328		$	302,245		$	(389,284	)
Net realized gain (loss) on investments			39,922,760			51,589			6,509,343			263,514			15,395,048			78,157			620,838
Net change in unrealized appreciation
	(depreciation) on investments		231,435,560			1,471,553			12,744,672			338,345			112,038,036			111,143			2,122,657
Net change in net assets
	from operations		257,075,418			1,494,688			18,545,501			627,738			161,003,412			491,545			2,354,211
Contract transactions
Purchase payments			55,952,763			3,866,649			24,039,853			1,840,031			78,772,263			8,646,865			9,482,230
Surrenders and terminations			(77,001,035	)		(249,858	)		(7,766,161	)		(153,096	)		(258,523,105	)		(368,337	)		(2,744,607	)
Transfers between Investment Divisions			33,009,102			(309,403	)		35,267,406			703,534			58,720,652			1,287,076			23,902,058
Contract owner charges			(12,287,025	)		(59,740	)		(645,830	)		(33,725	)		(29,901,201	)		(60,777	)		(280,991	)
Net change in net assets
	from contract transactions		(326,195	)		3,247,648			50,895,268			2,356,744			(150,931,391	)		9,504,827			30,358,690
Net change in net assets			256,749,223			4,742,336			69,440,769			2,984,482			10,072,021			9,996,372			32,712,901
Net assets beginning of year			910,822,839			3,682,515			73,218,975			1,940,376			2,581,224,405			3,757,430			12,566,553
Net assets end of year		$	1,167,572,062		$	8,424,851		$	142,659,744		$	4,924,858		$	2,591,296,426		$	13,753,802		$	45,279,454
Contract unit transactions
Units outstanding at beginning of year			28,744,043			83,280			4,615,620			206,727			125,685,202			134,577			1,183,498
Units issued			5,933,310			96,763			4,519,601			285,873			17,440,894			447,123			4,404,750
Units redeemed			(5,894,969	)		(32,082	)		(1,594,067	)		(80,304	)		(25,204,578	)		(117,999	)		(1,687,553	)
Units outstanding at end of year			28,782,384			147,961			7,541,154			412,296			117,921,518			463,701			3,900,695

See Notes to the Financial Statements.

100

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A			JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I			JNL/DoubleLine Total Return Fund - Class A			JNL/DoubleLine Total Return Fund - Class I			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A			JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
Operations
Net investment income (loss)		$	(5,557	)	$	(14,628,673	)	$	(45,974	)	$	(12,188,994	)	$	(40,791	)	$	3,066,404		$	61,727
Net realized gain (loss) on investments			3,332			6,719,130			88,048			5,249,467			219,189			(495,716	)		17,940
Net change in unrealized appreciation
	(depreciation) on investments		118,170			297,703,761			2,615,844			45,952,038			330,463			58,858,664			125,698
Net change in net assets
	from operations		115,945			289,794,218			2,657,918			39,012,511			508,861			61,429,352			205,365
Contract transactions
Purchase payments			670,484			155,397,139			6,596,888			83,093,290			4,514,153			39,421,835			1,565,975
Surrenders and terminations			(16,221	)		(64,096,511	)		(535,045	)		(79,951,220	)		(1,448,163	)		(72,396,899	)		(20,483	)
Transfers between Investment Divisions			29,357			239,736,919			860,242			118,507,660			3,475,600			11,224,333			806,433
Contract owner charges			(9,174	)		(11,735,003	)		(117,473	)		(9,108,404	)		(55,690	)		(10,320,292	)		(20,907	)
Net change in net assets
	from contract transactions		674,446			319,302,544			6,804,612			112,541,326			6,485,900			(32,071,023	)		2,331,018
Net change in net assets			790,391			609,096,762			9,462,530			151,553,837			6,994,761			29,358,329			2,536,383
Net assets beginning of year			837,171			802,439,388			5,362,943			861,074,473			4,648,183			803,002,659			1,441,372
Net assets end of year		$	1,627,562		$	1,411,536,150		$	14,825,473		$	1,012,628,310		$	11,642,944		$	832,360,988		$	3,977,755
Contract unit transactions
Units outstanding at beginning of year			77,535			55,236,598			374,257			78,693,525			417,325			31,560,367			39,184
Units issued			69,881			29,998,795			590,046			32,101,314			1,555,931			5,676,015			76,012
Units redeemed			(11,044	)		(11,560,721	)		(191,421	)		(22,141,569	)		(979,483	)		(7,049,451	)		(14,884	)
Units outstanding at end of year			136,372			73,674,672			772,882			88,653,270			993,773			30,186,931			100,312

See Notes to the Financial Statements.

101

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/First State Global Infrastructure Fund - Class A			JNL/First State Global Infrastructure Fund - Class I			JNL/Franklin Templeton Global Multisector Bond Fund - Class A			JNL/Franklin Templeton Global Multisector Bond Fund - Class I			JNL/Franklin Templeton Growth Allocation Fund - Class A			JNL/Franklin Templeton Growth Allocation Fund - Class I			JNL/Franklin Templeton Income Fund - Class A
Operations
Net investment income (loss)		$	(9,286,105	)	$	(5,766	)	$	48,343,966		$	241,174		$	(15,931,412	)	$	(5,318	)	$	(22,960,255	)
Net realized gain (loss) on investments			8,936,154			32,897			(3,703,251	)		(4,367	)		48,080,807			794			19,147,971
Net change in unrealized appreciation
	(depreciation) on investments		158,885,744			262,219			(46,973,847	)		(240,949	)		136,642,117			203,120			232,601,906
Net change in net assets
	from operations		158,535,793			289,350			(2,333,132	)		(4,142	)		168,791,512			198,596			228,789,622
Contract transactions
Purchase payments			18,646,682			643,396			25,910,156			1,388,256			19,961,541			—			65,875,267
Surrenders and terminations			(57,097,226	)		(42,485	)		(49,747,744	)		(62,722	)		(103,907,386	)		—			(161,262,935	)
Transfers between Investment Divisions			(63,330,691	)		108,049			(7,780,652	)		305,640			(35,360,580	)		206,743			2,392,581
Contract owner charges			(8,202,708	)		(13,320	)		(6,518,614	)		(13,595	)		(14,758,712	)		(1	)		(19,647,350	)
Net change in net assets
	from contract transactions		(109,983,943	)		695,640			(38,136,854	)		1,617,579			(134,065,137	)		206,742			(112,642,437	)
Net change in net assets			48,551,850			984,990			(40,469,986	)		1,613,437			34,726,375			405,338			116,147,185
Net assets beginning of year			665,848,788			881,887			619,824,842			1,173,116			1,102,524,799			1,030,538			1,607,799,513
Net assets end of year		$	714,400,638		$	1,866,877		$	579,354,856		$	2,786,553		$	1,137,251,174		$	1,435,876		$	1,723,946,698
Contract unit transactions
Units outstanding at beginning of year			47,533,910			56,990			53,644,640			91,579			89,939,228			75,555			107,923,673
Units issued			4,442,248			75,348			8,929,672			182,689			5,540,574			28,693			13,263,571
Units redeemed			(11,334,636	)		(36,892	)		(12,378,022	)		(57,823	)		(15,653,814	)		(13,704	)		(20,273,577	)
Units outstanding at end of year			40,641,522			95,446			50,196,290			216,445			79,825,988			90,544			100,913,667

See Notes to the Financial Statements.

102

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Franklin Templeton Income Fund - Class I			JNL/Franklin Templeton International Small Cap Fund - Class A			JNL/Franklin Templeton International Small Cap Fund - Class I			JNL/Goldman Sachs 4 Fund - Class A			JNL/Goldman Sachs 4 Fund - Class I			JNL/Goldman Sachs Competitive Advantage Fund - Class A			JNL/Goldman Sachs Competitive Advantage Fund - Class I
Operations
Net investment income (loss)		$	(10,200	)	$	(4,064,372	)	$	12,255		$	(77,545,214	)	$	(37,407	)	$	(824,965	)	$	44,274
Net realized gain (loss) on investments			7,455			6,318,067			34,284			254,112,751			61,711			115,466,694			287,726
Net change in unrealized appreciation
	(depreciation) on investments		291,462			81,753,283			238,930			1,035,885,610			1,755,278			109,441,774			385,421
Net change in net assets
	from operations		288,717			84,006,978			285,469			1,212,453,147			1,779,582			224,083,503			717,421
Contract transactions
Purchase payments			1,661,542			21,265,181			762,352			169,435,442			4,000,840			33,725,519			1,223,776
Surrenders and terminations			(54,283	)		(38,579,067	)		(40,019	)		(464,652,055	)		(193,941	)		(67,419,033	)		(510,311	)
Transfers between Investment Divisions			94,920			(21,285,354	)		121,178			(341,505,161	)		42,420			(67,063,922	)		(1,726,583	)
Contract owner charges			(19,389	)		(6,518,296	)		(21,130	)		(67,339,176	)		(89,082	)		(10,853,254	)		(13,639	)
Net change in net assets
	from contract transactions		1,682,790			(45,117,536	)		822,381			(704,060,950	)		3,760,237			(111,610,690	)		(1,026,757	)
Net change in net assets			1,971,507			38,889,442			1,107,850			508,392,197			5,539,819			112,472,813			(309,336	)
Net assets beginning of year			1,210,514			516,457,359			1,135,735			5,447,351,285			5,632,804			851,582,142			2,934,099
Net assets end of year		$	3,182,021		$	555,346,801		$	2,243,585		$	5,955,743,482		$	11,172,623		$	964,054,955		$	2,624,763
Contract unit transactions
Units outstanding at beginning of year			66,926			50,342,457			93,624			251,816,140			287,958			34,523,120			100,716
Units issued			123,643			6,470,458			85,275			16,469,893			229,271			4,137,656			103,499
Units redeemed			(37,506	)		(10,470,072	)		(22,191	)		(45,506,500	)		(55,999	)		(8,107,413	)		(134,241	)
Units outstanding at end of year			153,063			46,342,843			156,708			222,779,533			461,230			30,553,363			69,974

See Notes to the Financial Statements.

103

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Goldman Sachs Dividend Income & Growth Fund - Class A			JNL/Goldman Sachs Dividend Income & Growth Fund - Class I			JNL/Goldman Sachs International 5 Fund - Class A			JNL/Goldman Sachs International 5 Fund - Class I			JNL/Goldman Sachs Intrinsic Value Fund - Class A			JNL/Goldman Sachs Intrinsic Value Fund - Class I			JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
Operations
Net investment income (loss)		$	66,691,072		$	342,059		$	892,416		$	36,013		$	6,872,099		$	106,303		$	(28,579,396	)
Net realized gain (loss) on investments			253,695,550			732,018			(318,206	)		(3,548	)		70,427,604			221,242			118,244,766
Net change in unrealized appreciation
	(depreciation) on investments		385,450,070			797,892			6,738,268			139,855			49,698,055			413,736			361,243,217
Net change in net assets
	from operations		705,836,692			1,871,969			7,312,478			172,320			126,997,758			741,281			450,908,587
Contract transactions
Purchase payments			118,494,956			4,118,910			5,259,551			491,714			25,786,698			1,301,446			73,266,215
Surrenders and terminations			(239,343,354	)		(260,255	)		(2,708,775	)		(6,756	)		(53,436,540	)		(537,362	)		(140,782,285	)
Transfers between Investment Divisions			16,443,552			1,143,519			6,928,955			171,888			(38,126,276	)		(1,438,434	)		(58,682,258	)
Contract owner charges			(37,087,961	)		(69,853	)		(171,084	)		(13,558	)		(8,694,598	)		(29,531	)		(26,426,325	)
Net change in net assets
	from contract transactions		(141,492,807	)		4,932,321			9,308,647			643,288			(74,470,716	)		(703,881	)		(152,624,653	)
Net change in net assets			564,343,885			6,804,290			16,621,125			815,608			52,527,042			37,400			298,283,934
Net assets beginning of year			2,779,742,498			5,208,013			40,773,969			723,122			670,704,584			3,513,496			1,853,862,215
Net assets end of year		$	3,344,086,383		$	12,012,303		$	57,395,094		$	1,538,730		$	723,231,626		$	3,550,896		$	2,152,146,149
Contract unit transactions
Units outstanding at beginning of year			129,121,184			206,422			3,785,671			74,292			31,260,747			138,238			77,563,710
Units issued			16,122,595			208,178			1,849,362			64,741			5,139,845			119,715			8,029,237
Units redeemed			(22,227,198	)		(42,251	)		(1,051,791	)		(5,043	)		(8,272,696	)		(142,443	)		(13,974,413	)
Units outstanding at end of year			123,016,581			372,349			4,583,242			133,990			28,127,896			115,510			71,618,534

See Notes to the Financial Statements.

104

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I			JNL/Goldman Sachs Managed Conservative Fund - Class A			JNL/Goldman Sachs Managed Conservative Fund - Class I			JNL/Goldman Sachs Managed Growth Fund - Class A			JNL/Goldman Sachs Managed Growth Fund - Class I			JNL/Goldman Sachs Managed Moderate Fund - Class A			JNL/Goldman Sachs Managed Moderate Fund - Class I
Operations
Net investment income (loss)		$	(35,486	)	$	(15,971,105	)	$	(6,160	)	$	(68,639,663	)	$	(29,875	)	$	(37,324,962	)	$	(12,409	)
Net realized gain (loss) on investments			65,555			37,021,949			33,689			273,271,631			95,212			106,566,000			37,059
Net change in unrealized appreciation
	(depreciation) on investments		1,635,739			81,722,986			97,032			789,818,433			1,246,528			263,432,928			364,622
Net change in net assets
	from operations		1,665,808			102,773,830			124,561			994,450,401			1,311,865			332,673,966			389,272
Contract transactions
Purchase payments			3,982,032			25,597,103			1,334,658			98,456,751			3,197,791			46,647,951			467,677
Surrenders and terminations			(204,062	)		(132,036,675	)		(6,102	)		(402,992,571	)		(134,496	)		(252,822,255	)		(56,732	)
Transfers between Investment Divisions			366,026			7,807,175			72,053			(122,593,354	)		(560,607	)		(44,842,137	)		43,173
Contract owner charges			(111,835	)		(15,060,077	)		(6,869	)		(63,485,235	)		(90,377	)		(35,162,731	)		(15,093	)
Net change in net assets
	from contract transactions		4,032,161			(113,692,474	)		1,393,740			(490,614,409	)		2,412,311			(286,179,172	)		439,025
Net change in net assets			5,697,969			(10,918,644	)		1,518,301			503,835,992			3,724,176			46,494,794			828,297
Net assets beginning of year			4,970,894			1,114,769,000			564,393			4,556,169,040			4,424,232			2,604,499,203			2,456,825
Net assets end of year		$	10,668,863		$	1,103,850,356		$	2,082,694		$	5,060,005,032		$	8,148,408		$	2,650,993,997		$	3,285,122
Contract unit transactions
Units outstanding at beginning of year			236,590			79,899,285			43,230			192,724,234			249,827			161,635,534			165,275
Units issued			219,961			11,276,503			165,096			12,387,829			204,837			10,483,895			127,193
Units redeemed			(69,656	)		(19,318,937	)		(64,411	)		(31,293,804	)		(92,975	)		(27,240,625	)		(125,280	)
Units outstanding at end of year			386,895			71,856,851			143,915			173,818,259			361,689			144,878,804			167,188

See Notes to the Financial Statements.

105

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Goldman Sachs Managed Moderate Growth Fund - Class A			JNL/Goldman Sachs Managed Moderate Growth Fund - Class I			JNL/Goldman Sachs Total Yield Fund - Class A			JNL/Goldman Sachs Total Yield Fund - Class I			JNL/GQG Emerging Markets Equity Fund - Class A			JNL/GQG Emerging Markets Equity Fund - Class I			JNL/Harris Oakmark Global Equity Fund - Class A
Operations
Net investment income (loss)		$	(73,956,287	)	$	(28,200	)	$	2,806,582		$	14,585		$	(282,171	)	$	2,546		$	1,182,768
Net realized gain (loss) on investments			264,021,697			400,827			14,884,369			16,795			488,274			25,055			10,171,622
Net change in unrealized appreciation
	(depreciation) on investments		657,637,503			891,959			53,974,726			85,820			6,256,277			386,172			83,542,821
Net change in net assets
	from operations		847,702,913			1,264,586			71,665,677			117,200			6,462,380			413,773			94,897,211
Contract transactions
Purchase payments			80,593,859			839,557			11,769,472			277,210			12,986,226			1,082,284			12,002,861
Surrenders and terminations			(488,218,788	)		(75,826	)		(31,082,072	)		(7,870	)		(2,575,848	)		(76,448	)		(41,464,709	)
Transfers between Investment Divisions			(119,772,726	)		(3,675,400	)		(28,418,908	)		(41,767	)		43,058,288			94,393			(18,871,766	)
Contract owner charges			(68,891,394	)		(58,405	)		(4,665,052	)		(5,425	)		(471,648	)		(26,544	)		(3,144,452	)
Net change in net assets
	from contract transactions		(596,289,049	)		(2,970,074	)		(52,396,560	)		222,148			52,997,018			1,073,685			(51,478,066	)
Net change in net assets			251,413,864			(1,705,488	)		19,269,117			339,348			59,459,398			1,487,458			43,419,145
Net assets beginning of year			5,059,942,407			7,487,109			371,365,004			453,088			17,663,473			1,710,201			384,351,275
Net assets end of year		$	5,311,356,271		$	5,781,621		$	390,634,121		$	792,436		$	77,122,871		$	3,197,659		$	427,770,420
Contract unit transactions
Units outstanding at beginning of year			236,890,606			343,375			20,395,492			21,436			2,007,111			191,526			41,707,847
Units issued			13,831,687			148,063			1,955,425			17,940			6,615,904			209,302			4,708,640
Units redeemed			(39,748,059	)		(247,304	)		(4,559,435	)		(8,880	)		(1,282,393	)		(104,485	)		(9,576,175	)
Units outstanding at end of year			210,974,234			244,134			17,791,482			30,496			7,340,622			296,343			36,840,312

See Notes to the Financial Statements.

106

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Harris Oakmark Global Equity Fund - Class I			JNL/Heitman U.S. Focused Real Estate Fund - Class A			JNL/Heitman U.S. Focused Real Estate Fund - Class I			JNL/Invesco Diversified Dividend Fund - Class A			JNL/Invesco Diversified Dividend Fund - Class I			JNL/Invesco Global Growth Fund - Class A			JNL/Invesco Global Growth Fund - Class I
Operations
Net investment income (loss)		$	43,446		$	18,253		$	2,550		$	874,672		$	30,741		$	(12,777,047	)	$	41,704
Net realized gain (loss) on investments			102,784			554,127			5,557			1,403,860			17,169			179,370,299			582,426
Net change in unrealized appreciation
	(depreciation) on investments		470,601			1,145,928			34,236			11,280,405			250,634			243,657,888			1,084,986
Net change in net assets
	from operations		616,831			1,718,308			42,343			13,558,937			298,544			410,251,140			1,709,116
Contract transactions
Purchase payments			1,092,085			6,911,729			273,663			18,824,171			825,835			60,486,352			4,541,052
Surrenders and terminations			(102,941	)		(718,464	)		(305	)		(3,949,741	)		(38,460	)		(110,932,785	)		(294,238	)
Transfers between Investment Divisions			44,391			20,105,794			296,196			22,767,318			354,941			(79,394,882	)		(107,473	)
Contract owner charges			(24,617	)		(174,403	)		(1,799	)		(809,536	)		(16,139	)		(20,292,443	)		(68,403	)
Net change in net assets
	from contract transactions		1,008,918			26,124,656			567,755			36,832,212			1,126,177			(150,133,758	)		4,070,938
Net change in net assets			1,625,749			27,842,964			610,098			50,391,149			1,424,721			260,117,382			5,780,054
Net assets beginning of year			1,885,145			2,994,870			31,144			47,606,671			903,089			1,440,261,324			4,217,337
Net assets end of year		$	3,510,894		$	30,837,834		$	641,242		$	97,997,820		$	2,327,810		$	1,700,378,706		$	9,997,391
Contract unit transactions
Units outstanding at beginning of year			201,685			320,546			3,319			5,053,030			94,405			65,734,690			146,556
Units issued			174,012			3,551,430			58,881			5,382,817			115,440			6,523,421			167,818
Units redeemed			(80,718	)		(1,198,828	)		(6,791	)		(1,928,303	)		(10,963	)		(12,480,665	)		(47,820	)
Units outstanding at end of year			294,979			2,673,148			55,409			8,507,544			198,882			59,777,446			266,554

See Notes to the Financial Statements.

107

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Invesco Global Real Estate Fund - Class A			JNL/Invesco Global Real Estate Fund - Class I			JNL/Invesco International Growth Fund - Class A			JNL/Invesco International Growth Fund - Class I			JNL/Invesco Small Cap Growth Fund - Class A			JNL/Invesco Small Cap Growth Fund - Class I			JNL/JPMorgan Global Allocation Fund - Class A(a)
Operations
Net investment income (loss)		$	(15,062,612	)	$	(4,906	)	$	3,041,177		$	38,042		$	(21,552,488	)	$	(34,173	)	$	(310,837	)
Net realized gain (loss) on investments			5,347,181			10,586			61,122,678			139,632			46,166,559			(158,129	)		696,030
Net change in unrealized appreciation
	(depreciation) on investments		219,782,133			154,235			128,645,550			373,184			299,152,542			1,745,849			4,214,218
Net change in net assets
	from operations		210,066,702			159,915			192,809,405			550,858			323,766,613			1,553,547			4,599,411
Contract transactions
Purchase payments			28,969,334			1,031,895			29,163,308			547,618			102,369,741			2,433,190			3,628,089
Surrenders and terminations			(93,499,769	)		(50,467	)		(59,489,164	)		(143,503	)		(103,501,557	)		(793,723	)		(3,460,900	)
Transfers between Investment Divisions			(73,485,374	)		1,045,956			(63,940,853	)		117,818			(94,560,121	)		(1,348,283	)		1,128,448
Contract owner charges			(13,067,618	)		(7,510	)		(9,620,883	)		(24,984	)		(18,882,203	)		(66,994	)		(25,867	)
Net change in net assets
	from contract transactions		(151,083,427	)		2,019,874			(103,887,592	)		496,949			(114,574,140	)		224,190			1,269,770
Net change in net assets			58,983,275			2,179,789			88,921,813			1,047,807			209,192,473			1,777,737			5,869,181
Net assets beginning of year			1,052,659,910			257,003			766,541,625			1,776,708			1,451,598,709			6,431,605			27,909,377
Net assets end of year		$	1,111,643,185		$	2,436,792		$	855,463,438		$	2,824,515		$	1,660,791,182		$	8,209,342		$	33,778,558
Contract unit transactions
Units outstanding at beginning of year			62,916,619			13,155			38,718,376			62,386			47,477,690			163,354			2,635,252
Units issued			5,046,085			98,621			3,573,488			35,844			7,380,307			130,688			712,606
Units redeemed			(13,171,588	)		(9,603	)		(8,191,840	)		(20,602	)		(10,681,020	)		(124,262	)		(602,397	)
Units outstanding at end of year			54,791,116			102,173			34,100,024			77,628			44,176,977			169,780			2,745,461

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on June 24, 2019.

See Notes to the Financial Statements.

108

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/JPMorgan Global Allocation Fund - Class I(a)			JNL/JPMorgan Growth & Income Fund - Class A			JNL/JPMorgan Growth & Income Fund - Class I			JNL/JPMorgan Hedged Equity Fund - Class A			JNL/JPMorgan Hedged Equity Fund - Class I			JNL/JPMorgan MidCap Growth Fund - Class A			JNL/JPMorgan MidCap Growth Fund - Class I
Operations
Net investment income (loss)		$	(39	)	$	(7,929,880	)	$	(4,387	)	$	(634,050	)	$	(7,691	)	$	(22,726,697	)	$	(44,669	)
Net realized gain (loss) on investments			148			6,929,399			2,227			1,513,492			43,864			48,717,490			210,051
Net change in unrealized appreciation
	(depreciation) on investments		1,025			109,581,424			200,885			4,437,701			191,122			492,177,525			2,720,648
Net change in net assets
	from operations		1,134			108,580,943			198,725			5,317,143			227,295			518,168,318			2,886,030
Contract transactions
Purchase payments			14,501			17,393,389			801,008			15,682,802			2,219,237			151,373,496			4,903,196
Surrenders and terminations			(667	)		(43,348,871	)		(10,392	)		(2,324,135	)		(2,096	)		(122,290,078	)		(1,250,466	)
Transfers between Investment Divisions			6,724			(20,825,175	)		56,717			37,410,412			357,769			121,712,513			1,685,969
Contract owner charges			(212	)		(7,341,328	)		(14,536	)		(510,944	)		(13,152	)		(18,358,083	)		(89,129	)
Net change in net assets
	from contract transactions		20,346			(54,121,985	)		832,797			50,258,135			2,561,758			132,437,848			5,249,570
Net change in net assets			21,480			54,458,958			1,031,522			55,575,278			2,789,053			650,606,166			8,135,600
Net assets beginning of year			—			531,897,847			359,835			18,949,696			779,117			1,331,466,593			6,258,304
Net assets end of year		$	21,480		$	586,356,805		$	1,391,357		$	74,524,974		$	3,568,170		$	1,982,072,759		$	14,393,904
Contract unit transactions
Units outstanding at beginning of year			—			42,475,594			23,985			1,983,166			81,234			27,148,379			90,195
Units issued			1,953			3,411,870			54,499			6,450,251			286,940			8,192,861			126,651
Units redeemed			(306	)		(7,364,595	)		(1,922	)		(1,446,047	)		(38,430	)		(6,226,333	)		(68,318	)
Units outstanding at end of year			1,647			38,522,869			76,562			6,987,370			329,744			29,114,907			148,528

(a) The mutual fund's shares, as applicable, became available for investment by the Investment Division on June 24, 2019.

See Notes to the Financial Statements.

109

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A			JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I			JNL/Lazard International Strategic Equity Fund - Class A			JNL/Lazard International Strategic Equity Fund - Class I			JNL/Loomis Sayles Global Growth Fund - Class A
Operations
Net investment income (loss)		$	(11,093,142	)	$	(28,240	)	$	(609,206	)	$	1,665		$	(13,415	)
Net realized gain (loss) on investments			(376,624	)		114,422			1,777,571			14,469			49,352
Net change in unrealized appreciation
	(depreciation) on investments		50,383,298			249,203			11,589,938			194,700			323,555
Net change in net assets
	from operations		38,913,532			335,385			12,758,303			210,834			359,492
Contract transactions
Purchase payments			76,025,585			3,784,782			6,886,523			709,240			1,194,085
Surrenders and terminations			(94,459,113	)		(142,320	)		(4,273,619	)		(26,180	)		(86,577	)
Transfers between Investment Divisions			110,651,804			518,138			6,334,924			211,055			1,643,095
Contract owner charges			(9,068,795	)		(59,265	)		(283,279	)		(13,204	)		(1,357	)
Net change in net assets
	from contract transactions		83,149,481			4,101,335			8,664,549			880,911			2,749,246
Net change in net assets			122,063,013			4,436,720			21,422,852			1,091,745			3,108,738
Net assets beginning of year			780,044,412			4,568,203			56,687,007			625,073			364,355
Net assets end of year		$	902,107,425		$	9,004,923		$	78,109,859		$	1,716,818		$	3,473,093
Contract unit transactions
Units outstanding at beginning of year			37,135,324			156,394			4,616,722			52,385			41,394
Units issued			19,988,571			269,352			1,846,368			79,809			372,979
Units redeemed			(16,569,495	)		(137,171	)		(1,167,960	)		(14,567	)		(110,412	)
Units outstanding at end of year			40,554,400			288,575			5,295,130			117,627			303,961

See Notes to the Financial Statements.

110

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Bond Index Fund - Class A			JNL/Mellon Bond Index Fund - Class I			JNL/Mellon Communication Services Sector Fund - Class A			JNL/Mellon Communication Services Sector Fund - Class I			JNL/Mellon Consumer Discretionary Sector Fund - Class A			JNL/Mellon Consumer Discretionary Sector Fund - Class I
Operations
Net investment income (loss)		$	8,101,185		$	103,332		$	(1,802,797	)	$	(3,997	)	$	(15,985,962	)	$	(15,574	)
Net realized gain (loss) on investments			1,802,991			38,529			90,135			(1,209	)		49,720,722			46,367
Net change in unrealized appreciation
	(depreciation) on investments		40,456,854			75,635			29,450,150			158,004			224,696,950			710,316
Net change in net assets
	from operations		50,361,030			217,496			27,737,488			152,798			258,431,710			741,109
Contract transactions
Purchase payments			57,557,998			2,758,567			12,485,815			378,508			67,030,749			1,557,819
Surrenders and terminations			(67,627,273	)		(141,250	)		(12,141,987	)		(15,315	)		(92,884,585	)		(89,582	)
Transfers between Investment Divisions			39,567,814			358,817			16,666,188			456,126			(55,724,390	)		131,570
Contract owner charges			(8,066,704	)		(19,999	)		(1,430,206	)		(10,450	)		(14,032,858	)		(25,771	)
Net change in net assets
	from contract transactions		21,431,835			2,956,135			15,579,810			808,869			(95,611,084	)		1,574,036
Net change in net assets			71,792,865			3,173,631			43,317,298			961,667			162,820,626			2,315,145
Net assets beginning of year			783,455,992			2,248,326			102,126,459			322,359			1,054,589,772			2,193,371
Net assets end of year		$	855,248,857		$	5,421,957		$	145,443,757		$	1,284,026		$	1,217,410,398		$	4,508,516
Contract unit transactions
Units outstanding at beginning of year			54,779,838			122,780			10,986,804			25,734			36,528,137			56,985
Units issued			14,433,702			235,321			7,331,421			73,840			5,957,559			59,181
Units redeemed			(13,419,015	)		(80,339	)		(5,869,092	)		(16,119	)		(8,946,535	)		(23,460	)
Units outstanding at end of year			55,794,525			277,762			12,449,133			83,455			33,539,161			92,706

See Notes to the Financial Statements.

111

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Consumer Staples Sector Fund - Class A			JNL/Mellon Consumer Staples Sector Fund - Class I			JNL/Mellon Dow Index Fund - Class A			JNL/Mellon Dow Index Fund - Class I			JNL/Mellon Emerging Markets Index Fund - Class A			JNL/Mellon Emerging Markets Index Fund - Class I			JNL/Mellon Energy Sector Fund - Class A
Operations
Net investment income (loss)		$	(1,226,037	)	$	(3,989	)	$	(12,630,929	)	$	(17,784	)	$	7,143,991		$	151,469		$	(14,330,164	)
Net realized gain (loss) on investments			1,872,269			14,046			64,084,742			41,752			7,511,709			(44,952	)		(55,863,170	)
Net change in unrealized appreciation
	(depreciation) on investments		17,809,654			168,846			130,009,692			759,446			142,069,691			912,761			141,837,178
Net change in net assets
	from operations		18,455,886			178,903			181,463,505			783,414			156,725,391			1,019,278			71,643,844
Contract transactions
Purchase payments			20,261,500			506,556			65,017,389			2,606,100			47,380,586			2,877,709			32,301,869
Surrenders and terminations			(4,967,359	)		(42,578	)		(70,144,630	)		(117,708	)		(65,012,459	)		(189,369	)		(83,694,630	)
Transfers between Investment Divisions			50,501,919			384,448			63,511,578			1,789,238			(46,684,128	)		222,308			(12,508,600	)
Contract owner charges			(1,096,313	)		(9,273	)		(10,246,961	)		(33,377	)		(13,287,371	)		(71,142	)		(13,494,786	)
Net change in net assets
	from contract transactions		64,699,747			839,153			48,137,376			4,244,253			(77,603,372	)		2,839,506			(77,396,147	)
Net change in net assets			83,155,633			1,018,056			229,600,881			5,027,667			79,122,019			3,858,784			(5,752,303	)
Net assets beginning of year			60,734,662			442,507			768,056,389			1,246,179			1,010,949,723			4,411,805			1,001,460,785
Net assets end of year		$	143,890,295		$	1,460,563		$	997,657,270		$	6,273,846		$	1,090,071,742		$	8,270,589		$	995,708,482
Contract unit transactions
Units outstanding at beginning of year			6,395,818			45,880			38,035,425			47,229			105,439,239			414,481			38,349,360
Units issued			10,127,188			109,407			12,325,935			186,468			17,299,610			430,792			6,507,165
Units redeemed			(4,332,263	)		(34,731	)		(10,356,558	)		(39,881	)		(25,101,098	)		(183,404	)		(9,377,638	)
Units outstanding at end of year			12,190,743			120,556			40,004,802			193,816			97,637,751			661,869			35,478,887

See Notes to the Financial Statements.

112

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Energy Sector Fund - Class I			JNL/Mellon Equity Income Fund - Class A			JNL/Mellon Equity Income Fund - Class I			JNL/Mellon Financial Sector Fund - Class A			JNL/Mellon Financial Sector Fund - Class I			JNL/Mellon Healthcare Sector Fund - Class A			JNL/Mellon Healthcare Sector Fund - Class I
Operations
Net investment income (loss)		$	(9,769	)	$	(2,093,964	)	$	(7,624	)	$	(15,717,859	)	$	(19,893	)	$	(39,063,217	)	$	(40,197	)
Net realized gain (loss) on investments			(133,114	)		3,780,511			(3,917	)		32,234,595			(19,491	)		90,089,948			27,444
Net change in unrealized appreciation
	(depreciation) on investments		263,847			43,207,570			417,965			280,880,345			1,200,187			470,132,868			1,891,312
Net change in net assets
	from operations		120,964			44,894,117			406,424			297,397,081			1,160,803			521,159,599			1,878,559
Contract transactions
Purchase payments			538,953			13,176,723			814,172			49,633,332			825,024			151,257,940			3,559,900
Surrenders and terminations			(166,443	)		(20,432,742	)		(15,544	)		(82,452,913	)		(76,761	)		(211,491,609	)		(376,323	)
Transfers between Investment Divisions			1,552,464			18,038,466			228,652			(94,630,349	)		(185,311	)		(195,156,114	)		1,383,180
Contract owner charges			(24,656	)		(777,959	)		(17,869	)		(14,283,805	)		(47,264	)		(33,950,279	)		(95,538	)
Net change in net assets
	from contract transactions		1,900,318			10,004,488			1,009,411			(141,733,735	)		515,688			(289,340,062	)		4,471,219
Net change in net assets			2,021,282			54,898,605			1,415,835			155,663,346			1,676,491			231,819,537			6,349,778
Net assets beginning of year			1,522,614			159,217,776			1,044,954			1,077,913,987			3,585,940			2,816,035,977			6,373,100
Net assets end of year		$	3,543,896		$	214,116,381		$	2,460,789		$	1,233,577,333		$	5,262,431		$	3,047,855,514		$	12,722,878
Contract unit transactions
Units outstanding at beginning of year			43,209			8,553,355			67,418			74,125,119			184,045			86,810,514			147,868
Units issued			76,413			3,190,374			88,305			10,202,952			80,762			10,705,641			144,652
Units redeemed			(26,331	)		(2,698,335	)		(32,330	)		(18,996,826	)		(58,370	)		(19,404,402	)		(48,448	)
Units outstanding at end of year			93,291			9,045,394			123,393			65,331,245			206,437			78,111,753			244,072

See Notes to the Financial Statements.

113

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Index 5 Fund - Class A			JNL/Mellon Index 5 Fund - Class I			JNL/Mellon Industrials Sector Fund - Class A			JNL/Mellon Industrials Sector Fund - Class I			JNL/Mellon Information Technology Sector Fund - Class A			JNL/Mellon Information Technology Sector Fund - Class I			JNL/Mellon International Index Fund - Class A
Operations
Net investment income (loss)		$	(14,268,081	)	$	(4,921	)	$	(744,904	)	$	(3,771	)	$	(36,801,609	)	$	(60,814	)	$	17,996,568
Net realized gain (loss) on investments			34,135,429			1,650			924,936			15,268			191,834,021			321,418			20,975,906
Net change in unrealized appreciation
	(depreciation) on investments		154,759,762			191,352			9,987,343			179,154			845,862,553			4,766,296			200,819,399
Net change in net assets
	from operations		174,627,110			188,081			10,167,375			190,651			1,000,894,965			5,026,900			239,791,873
Contract transactions
Purchase payments			31,349,581			341,283			8,364,968			182,210			186,622,589			7,538,600			57,642,921
Surrenders and terminations			(78,432,474	)		(14,181	)		(2,972,319	)		(25,648	)		(184,708,157	)		(643,671	)		(90,845,069	)
Transfers between Investment Divisions			359,125,497			(217,701	)		30,332,009			183,821			1,488,439			2,319,264			(47,428,875	)
Contract owner charges			(12,977,418	)		(11,415	)		(710,330	)		(8,409	)		(32,706,810	)		(142,109	)		(14,973,612	)
Net change in net assets
	from contract transactions		299,065,186			97,986			35,014,328			331,974			(29,303,939	)		9,072,084			(95,604,635	)
Net change in net assets			473,692,296			286,067			45,181,703			522,625			971,591,026			14,098,984			144,187,238
Net assets beginning of year			782,567,053			882,774			27,204,943			529,542			2,194,966,853			7,461,020			1,262,001,079
Net assets end of year		$	1,256,259,349		$	1,168,841		$	72,386,646		$	1,052,167		$	3,166,557,879		$	21,560,004		$	1,406,188,317
Contract unit transactions
Units outstanding at beginning of year			53,011,481			52,710			3,029,613			58,077			128,417,253			327,058			71,230,672
Units issued			29,142,541			32,984			7,243,371			67,661			27,819,253			426,103			8,259,314
Units redeemed			(11,118,065	)		(27,823	)		(3,989,666	)		(36,869	)		(29,952,347	)		(113,358	)		(13,289,559	)
Units outstanding at end of year			71,035,957			57,871			6,283,318			88,869			126,284,159			639,803			66,200,427

See Notes to the Financial Statements.

114

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon International Index Fund - Class I			JNL/Mellon Materials Sector Fund - Class A			JNL/Mellon Materials Sector Fund - Class I			JNL/Mellon MSCI KLD 400 Social Index Fund - Class A			JNL/Mellon MSCI KLD 400 Social Index Fund - Class I			JNL/Mellon MSCI World Index Fund - Class A			JNL/Mellon MSCI World Index Fund - Class I
Operations
Net investment income (loss)		$	261,209		$	(260,592	)	$	(2,016	)	$	(492,330	)	$	(1,001	)	$	1,292,813		$	44,616
Net realized gain (loss) on investments			109,355			(422,792	)		177			401,224			3,123			10,837,317			(24,429	)
Net change in unrealized appreciation
	(depreciation) on investments		1,239,319			4,205,877			90,135			10,027,231			54,175			63,167,393			487,018
Net change in net assets
	from operations		1,609,883			3,522,493			88,296			9,936,125			56,297			75,297,523			507,205
Contract transactions
Purchase payments			4,142,569			3,340,924			176,748			13,303,527			93,260			13,718,475			818,630
Surrenders and terminations			(195,335	)		(955,478	)		(11,468	)		(1,082,145	)		(87	)		(32,300,965	)		(79,348	)
Transfers between Investment Divisions			429,964			2,081,044			10,641			10,494,161			91,451			4,679,756			91,363
Contract owner charges			(85,289	)		(265,150	)		(3,905	)		(420,613	)		(2,182	)		(3,153,969	)		(22,156	)
Net change in net assets
	from contract transactions		4,291,909			4,201,340			172,016			22,294,930			182,442			(17,056,703	)		808,489
Net change in net assets			5,901,792			7,723,833			260,312			32,231,055			238,739			58,240,820			1,315,694
Net assets beginning of year			5,806,331			15,357,718			310,032			27,390,459			143,060			301,649,568			1,510,825
Net assets end of year		$	11,708,123		$	23,081,551		$	570,344		$	59,621,514		$	381,799		$	359,890,388		$	2,826,519
Contract unit transactions
Units outstanding at beginning of year			256,131			1,796,611			35,756			2,583,337			13,281			15,315,939			58,272
Units issued			236,563			1,755,300			34,336			2,097,664			17,850			2,292,136			70,214
Units redeemed			(63,515	)		(1,322,996	)		(16,445	)		(320,686	)		(4,005	)		(3,098,217	)		(42,187	)
Units outstanding at end of year			429,179			2,228,915			53,647			4,360,315			27,126			14,509,858			86,299

See Notes to the Financial Statements.

115

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Nasdaq® 100 Index Fund - Class A			JNL/Mellon Nasdaq® 100 Index Fund - Class I			JNL/Mellon Real Estate Sector Fund - Class A			JNL/Mellon Real Estate Sector Fund - Class I			JNL/Mellon S&P 400 MidCap Index Fund - Class A			JNL/Mellon S&P 400 MidCap Index Fund - Class I			JNL/Mellon S&P 500 Index Fund - Class A
Operations
Net investment income (loss)		$	(37,104,619	)	$	(76,269	)	$	(1,629,557	)	$	(13,971	)	$	(34,198,566	)	$	(66,433	)	$	9,728,177
Net realized gain (loss) on investments			123,396,215			629,012			5,679,539			144,738			33,376,489			(13,722	)		554,306,938
Net change in unrealized appreciation
	(depreciation) on investments		755,854,105			5,059,605			15,446,821			507,496			534,760,695			3,107,081			1,275,823,675
Net change in net assets
	from operations		842,145,701			5,612,348			19,496,803			638,263			533,938,618			3,026,926			1,839,858,790
Contract transactions
Purchase payments			239,084,132			7,977,452			25,714,090			1,326,933			145,751,304			8,139,671			561,466,563
Surrenders and terminations			(170,498,712	)		(900,002	)		(8,204,948	)		(69,004	)		(171,880,029	)		(372,508	)		(497,053,334	)
Transfers between Investment Divisions			(9,634,276	)		2,928,545			78,973,679			318,761			(40,502,312	)		2,547,471			26,305,948
Contract owner charges			(32,490,839	)		(146,502	)		(1,390,974	)		(29,108	)		(28,706,362	)		(143,967	)		(82,985,174	)
Net change in net assets
	from contract transactions		26,460,305			9,859,493			95,091,847			1,547,582			(95,337,399	)		10,170,667			7,734,003
Net change in net assets			868,606,006			15,471,841			114,588,650			2,185,845			438,601,219			13,197,593			1,847,592,793
Net assets beginning of year			2,302,485,746			10,669,707			43,080,654			1,855,561			2,249,923,853			8,506,262			6,338,019,895
Net assets end of year		$	3,171,091,752		$	26,141,548		$	157,669,304		$	4,041,406		$	2,688,525,072		$	21,703,855		$	8,185,612,688
Contract unit transactions
Units outstanding at beginning of year			77,316,330			357,108			4,520,964			192,587			73,952,782			218,749			284,120,391
Units issued			18,565,626			642,613			16,648,081			239,761			10,113,397			304,381			55,132,894
Units redeemed			(18,238,993	)		(375,666	)		(8,038,480	)		(104,598	)		(12,911,786	)		(75,228	)		(55,943,294	)
Units outstanding at end of year			77,642,963			624,055			13,130,565			327,750			71,154,393			447,902			283,309,991

See Notes to the Financial Statements.

116

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Mellon Small Cap Index Fund - Class A			JNL/Mellon Small Cap Index Fund - Class I			JNL/Mellon Utilities Sector Fund - Class A			JNL/Mellon Utilities Sector Fund - Class I			JNL/MFS Mid Cap Value Fund - Class A			JNL/MFS Mid Cap Value Fund - Class I			JNL/Morningstar Wide Moat Index Fund - Class A
Operations
Net investment income (loss)		$	(26,975,427	)	$	(58,427	)	$	(857,283	)	$	13,973		$	(14,783,815	)	$	(20,544	)	$	(439,997	)
Net realized gain (loss) on investments			6,878,320			(135,312	)		13,370,756			75,250			4,352,333			33,706			(592,227	)
Net change in unrealized appreciation
	(depreciation) on investments		386,999,199			2,668,759			30,838,236			357,725			275,531,561			1,156,082			23,227,514
Net change in net assets
	from operations		366,902,092			2,475,020			43,351,709			446,948			265,100,079			1,169,244			22,195,290
Contract transactions
Purchase payments			122,419,992			7,309,140			41,608,559			951,467			34,281,085			1,832,637			21,499,911
Surrenders and terminations			(133,295,142	)		(340,718	)		(18,854,134	)		(63,477	)		(77,271,203	)		(130,235	)		(5,212,154	)
Transfers between Investment Divisions			(2,364,012	)		1,121,871			101,457,329			2,133,046			(12,848,490	)		(15,944	)		20,821,863
Contract owner charges			(21,625,768	)		(123,428	)		(2,031,087	)		(22,878	)		(13,850,689	)		(48,779	)		(944,368	)
Net change in net assets
	from contract transactions		(34,864,930	)		7,966,865			122,180,667			2,998,158			(69,689,297	)		1,637,679			36,165,252
Net change in net assets			332,037,162			10,441,885			165,532,376			3,445,106			195,410,782			2,806,923			58,360,542
Net assets beginning of year			1,805,321,892			7,952,014			160,160,402			998,676			937,188,821			3,057,826			83,324,437
Net assets end of year		$	2,137,359,054		$	18,393,899		$	325,692,778		$	4,443,782		$	1,132,599,603		$	5,864,749		$	141,684,979
Contract unit transactions
Units outstanding at beginning of year			66,351,520			230,086			11,088,952			72,969			46,473,849			124,245			9,028,934
Units issued			12,168,534			269,217			15,594,063			213,570			5,294,529			94,026			11,283,354
Units redeemed			(13,570,336	)		(63,169	)		(8,217,315	)		(27,739	)		(8,358,883	)		(34,719	)		(8,414,171	)
Units outstanding at end of year			64,949,718			436,134			18,465,700			258,800			43,409,495			183,552			11,898,117

See Notes to the Financial Statements.

117

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Morningstar Wide Moat Index Fund - Class I			JNL/Neuberger Berman Commodity Strategy Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class A			JNL/Neuberger Berman Strategic Income Fund - Class I			JNL/PIMCO Income Fund - Class A			JNL/PIMCO Income Fund - Class I			JNL/PIMCO Investment Grade Credit Bond Fund - Class A
Operations
Net investment income (loss)		$	3,261		$	186,741		$	7,708,837		$	86,156		$	9,257,895		$	394,185		$	5,987,941
Net realized gain (loss) on investments			20,938			(690,620	)		2,418,198			14,613			6,129,535			114,584			5,682,812
Net change in unrealized appreciation
	(depreciation) on investments		118,752			2,137,361			35,089,919			88,006			14,128,697			249,334			28,301,737
Net change in net assets
	from operations		142,951			1,633,482			45,216,954			188,775			29,516,127			758,103			39,972,490
Contract transactions
Purchase payments			466,307			1,178,094			27,524,184			1,829,042			92,751,563			8,555,863			49,715,201
Surrenders and terminations			(41,496	)		(1,520,502	)		(42,636,968	)		(51,233	)		(45,455,481	)		(734,253	)		(30,996,574	)
Transfers between Investment Divisions			1,143,736			(314,693	)		24,458,266			295,428			206,842,673			2,098,057			143,702,036
Contract owner charges			(4,837	)		(7,917	)		(7,162,388	)		(19,328	)		(5,537,640	)		(85,690	)		(3,407,222	)
Net change in net assets
	from contract transactions		1,563,710			(665,018	)		2,183,094			2,053,909			248,601,115			9,833,977			159,013,441
Net change in net assets			1,706,661			968,464			47,400,048			2,242,684			278,117,242			10,592,080			198,985,931
Net assets beginning of year			109,258			15,260,216			576,962,459			1,296,138			366,421,754			6,543,844			262,911,802
Net assets end of year		$	1,815,919		$	16,228,680		$	624,362,507		$	3,538,822		$	644,538,996		$	17,135,924		$	461,897,733
Contract unit transactions
Units outstanding at beginning of year			11,781			2,588,907			52,592,533			106,657			37,051,659			651,495			23,200,816
Units issued			166,322			981,323			10,815,767			238,144			41,709,459			1,294,029			25,833,318
Units redeemed			(31,332	)		(1,100,353	)		(10,756,712	)		(76,675	)		(17,505,644	)		(356,723	)		(13,016,596	)
Units outstanding at end of year			146,771			2,469,877			52,651,588			268,126			61,255,474			1,588,801			36,017,538

See Notes to the Financial Statements.

118

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/PIMCO Investment Grade Credit Bond Fund - Class I			JNL/PIMCO Real Return Fund - Class A			JNL/PIMCO Real Return Fund - Class I			JNL/PPM America Floating Rate Income Fund - Class A			JNL/PPM America Floating Rate Income Fund - Class I			JNL/PPM America High Yield Bond Fund - Class A			JNL/PPM America High Yield Bond Fund - Class I
Operations
Net investment income (loss)		$	114,297		$	(13,175,706	)	$	(10,379	)	$	(18,965,761	)	$	(25,310	)	$	(19,440,673	)	$	(30,134	)
Net realized gain (loss) on investments			18,967			(15,377,938	)		6,040			(2,094,034	)		23,630			(2,274,117	)		43,414
Net change in unrealized appreciation
	(depreciation) on investments		223,686			93,359,483			179,412			116,731,718			439,399			194,697,218			677,058
Net change in net assets
	from operations		356,950			64,805,839			175,073			95,671,923			437,719			172,982,428			690,338
Contract transactions
Purchase payments			3,357,848			34,576,933			652,414			70,618,885			1,291,813			65,323,900			1,945,890
Surrenders and terminations			(29,006	)		(96,835,075	)		(128,957	)		(136,602,135	)		(904,083	)		(130,476,911	)		(120,326	)
Transfers between Investment Divisions			1,472,808			(11,831,068	)		499,007			(204,706,341	)		(406,887	)		46,945,749			5,584,869
Contract owner charges			(15,944	)		(11,670,947	)		(22,597	)		(15,438,226	)		(49,907	)		(15,532,752	)		(38,779	)
Net change in net assets
	from contract transactions		4,785,706			(85,760,157	)		999,867			(286,127,817	)		(69,064	)		(33,740,014	)		7,371,654
Net change in net assets			5,142,656			(20,954,318	)		1,174,940			(190,455,894	)		368,655			139,242,414			8,061,992
Net assets beginning of year			695,715			971,273,316			1,892,684			1,502,673,139			5,307,202			1,330,365,607			2,596,322
Net assets end of year		$	5,838,371		$	950,318,998		$	3,067,624		$	1,312,217,245		$	5,675,857		$	1,469,608,021		$	10,658,314
Contract unit transactions
Units outstanding at beginning of year			61,081			72,742,490			118,935			133,982,609			498,106			64,412,183			92,136
Units issued			431,106			9,411,162			79,572			19,164,915			248,632			13,574,266			477,452
Units redeemed			(55,670	)		(15,881,609	)		(21,009	)		(43,781,669	)		(246,604	)		(15,412,632	)		(235,433	)
Units outstanding at end of year			436,517			66,272,043			177,498			109,365,855			500,134			62,573,817			334,155

See Notes to the Financial Statements.

119

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/PPM America Small Cap Value Fund - Class A			JNL/PPM America Small Cap Value Fund - Class I			JNL/PPM America Total Return Fund - Class A			JNL/PPM America Total Return Fund - Class I			JNL/RAFI Fundamental Asia Developed Fund - Class A			JNL/RAFI Fundamental Asia Developed Fund - Class I			JNL/RAFI Fundamental Europe Fund - Class A
Operations
Net investment income (loss)		$	(7,036,947	)	$	(6,427	)	$	(4,725,762	)	$	(13,608	)	$	5,427,483		$	10,825		$	11,667,930
Net realized gain (loss) on investments			(13,576,944	)		(98,119	)		3,417,499			25,878			26,921,110			42,446			(7,280,162	)
Net change in unrealized appreciation
	(depreciation) on investments		118,514,741			390,968			29,960,163			267,749			(3,799,664	)		(19,819	)		33,407,961
Net change in net assets
	from operations		97,900,850			286,422			28,651,900			280,019			28,548,929			33,452			37,795,729
Contract transactions
Purchase payments			(15,574	)		—			44,694,211			1,104,838			5,961,416			258,506			7,465,088
Surrenders and terminations			(34,106,833	)		(84,271	)		(29,776,142	)		(22,909	)		(14,111,572	)		(59,219	)		(20,284,715	)
Transfers between Investment Divisions			(94,329,108	)		(228,921	)		75,674,522			158,539			(22,176,957	)		66,673			(46,973,074	)
Contract owner charges			(7,041,953	)		(16,510	)		(3,704,672	)		(9,988	)		(2,575,468	)		(3,026	)		(3,750,623	)
Net change in net assets
	from contract transactions		(135,493,468	)		(329,702	)		86,887,919			1,230,480			(32,902,581	)		262,934			(63,543,324	)
Net change in net assets			(37,592,618	)		(43,280	)		115,539,819			1,510,499			(4,353,652	)		296,386			(25,747,595	)
Net assets beginning of year			514,978,078			1,395,072			304,000,962			2,353,187			208,937,470			148,699			319,616,278
Net assets end of year		$	477,385,460		$	1,351,792		$	419,540,781		$	3,863,686		$	204,583,818		$	445,085		$	293,868,683
Contract unit transactions
Units outstanding at beginning of year			29,354,045			66,152			18,470,456			169,797			11,402,583			7,257			22,894,306
Units issued			1,608,454			4,989			11,201,998			141,542			1,761,759			15,596			2,018,076
Units redeemed			(8,383,260	)		(18,603	)		(6,271,689	)		(51,076	)		(3,413,754	)		(4,089	)		(6,326,727	)
Units outstanding at end of year			22,579,239			52,538			23,400,765			260,263			9,750,588			18,764			18,585,655

See Notes to the Financial Statements.

120

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/RAFI Fundamental Europe Fund - Class I			JNL/RAFI Fundamental U.S. Small Cap Fund - Class A(a)			JNL/RAFI Fundamental U.S. Small Cap Fund - Class I(a)			JNL/RAFI Multi-Factor U.S. Equity Fund - Class A(b)			JNL/RAFI Multi-Factor U.S. Equity Fund - Class I(b)			JNL/T. Rowe Price Balanced Fund - Class A
Operations
Net investment income (loss)		$	15,253		$	(164,657	)	$	18,617		$	29,922,103		$	150,727		$	(4,947,712	)
Net realized gain (loss) on investments			912			(45,630,133	)		(169,068	)		337,635,645			333,908			7,638,781
Net change in unrealized appreciation
	(depreciation) on investments		21,147			89,793,848			235,946			54,687,928			461,784			89,682,210
Net change in net assets
	from operations		37,312			43,999,058			85,495			422,245,676			946,419			92,373,279
Contract transactions
Purchase payments			101,492			17,067,315			513,565			30,038,323			972,279			11,343,687
Surrenders and terminations			(5,057	)		(33,057,438	)		(18,298	)		(269,086,611	)		(379,239	)		(75,262,244	)
Transfers between Investment Divisions			150,544			(9,127,972	)		(241,684	)		(94,265,122	)		(716,608	)		(20,321	)
Contract owner charges			(2,021	)		(4,928,067	)		(12,878	)		(23,868,141	)		(40,906	)		(368,269	)
Net change in net assets
	from contract transactions		244,958			(30,046,162	)		240,705			(357,181,551	)		(164,474	)		(64,307,147	)
Net change in net assets			282,270			13,952,896			326,200			65,064,125			781,945			28,066,132
Net assets beginning of year			193,990			384,172,475			853,123			2,498,351,857			4,930,552			453,454,961
Net assets end of year		$	476,260		$	398,125,371		$	1,179,323		$	2,563,415,982		$	5,712,497		$	481,521,093
Contract unit transactions
Units outstanding at beginning of year			12,394			25,870,610			48,330			129,292,698			205,028			43,058,117
Units issued			16,901			6,787,023			56,579			6,552,535			68,920			4,704,936
Units redeemed			(2,669	)		(8,715,469	)		(45,712	)		(23,489,569	)		(74,722	)		(10,264,116	)
Units outstanding at end of year			26,626			23,942,164			59,197			112,355,664			199,226			37,498,937

(a)

JNL/RAFI Fundamental U.S. Small Cap Fund commenced operations on June 24, 2019. On June 24, 2019, JNL/RAFI Fundamental U.S. Small Cap Fund acquired JNL/Mellon Capital S&P Smid 60 Fund, a separate series of JNL Variable Fund LLC. JNL/Mellon Capital S&P SMid 60 Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Changes in Net Assets includes the activity for the period January 1, 2019 through June 23, 2019.

(b)

JNL/RAFI Multi-Factor U.S. Equity Fund commenced operations on June 24, 2019. On June 24, 2019, JNL/RAFI Multi-Factor U.S. Equity Fund acquired JNL/Mellon Capital JNL 5 Fund, a separate series of JNL Variable Fund LLC. JNL/Mellon Capital JNL 5 Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Statement of Changes in Net Assets includes the activity for the period January 1, 2019 through June 23, 2019.

See Notes to the Financial Statements.

121

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/T. Rowe Price Capital Appreciation Fund - Class A			JNL/T. Rowe Price Capital Appreciation Fund - Class I			JNL/T. Rowe Price Established Growth Fund - Class A			JNL/T. Rowe Price Established Growth Fund - Class I			JNL/T. Rowe Price Mid-Cap Growth Fund - Class A			JNL/T. Rowe Price Mid-Cap Growth Fund - Class I			JNL/T. Rowe Price Short-Term Bond Fund - Class A
Operations
Net investment income (loss)		$	(53,560,673	)	$	(198,769	)	$	(84,912,198	)	$	(141,624	)	$	(70,877,424	)	$	(113,983	)	$	(13,545,800	)
Net realized gain (loss) on investments			72,503,984			697,916			193,992,428			48,831			188,876,213			326,348			4,339,766
Net change in unrealized appreciation
	(depreciation) on investments		788,594,088			7,919,951			1,474,495,135			8,165,579			1,174,111,454			5,855,082			36,750,151
Net change in net assets
	from operations		807,537,399			8,419,098			1,583,575,365			8,072,786			1,292,110,243			6,067,447			27,544,117
Contract transactions
Purchase payments			784,261,687			38,858,133			483,905,483			15,097,939			334,220,921			13,073,026			119,405,951
Surrenders and terminations			(263,184,986	)		(1,285,544	)		(437,019,033	)		(1,499,817	)		(356,249,651	)		(1,145,665	)		(146,185,486	)
Transfers between Investment Divisions			1,162,275,092			6,877,885			(141,518,386	)		2,458,551			(91,820,559	)		706,078			75,175,274
Contract owner charges			(36,646,125	)		(432,900	)		(71,761,534	)		(306,562	)		(65,487,847	)		(231,713	)		(10,902,373	)
Net change in net assets
	from contract transactions		1,646,705,668			44,017,574			(166,393,470	)		15,750,111			(179,337,136	)		12,401,726			37,493,366
Net change in net assets			2,454,243,067			52,436,672			1,417,181,895			23,822,897			1,112,773,107			18,469,173			65,037,483
Net assets beginning of year			2,996,910,802			20,423,251			5,444,728,171			21,133,303			4,405,856,651			14,918,256			1,024,454,040
Net assets end of year		$	5,451,153,869		$	72,859,923		$	6,861,910,066		$	44,956,200		$	5,518,629,758		$	33,387,429		$	1,089,491,523
Contract unit transactions
Units outstanding at beginning of year			209,096,488			1,411,789			76,570,630			212,108			42,574,702			100,711			99,176,409
Units issued			138,992,905			3,361,627			11,545,200			209,601			5,615,957			114,675			42,278,892
Units redeemed			(37,129,288	)		(710,292	)		(13,896,753	)		(76,238	)		(7,249,119	)		(43,564	)		(39,490,654	)
Units outstanding at end of year			310,960,105			4,063,124			74,219,077			345,471			40,941,540			171,822			101,964,647

See Notes to the Financial Statements.

122

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/T. Rowe Price Short-Term Bond Fund - Class I			JNL/T. Rowe Price U.S. High Yield Fund - Class A			JNL/T. Rowe Price U.S. High Yield Fund - Class I			JNL/T. Rowe Price Value Fund - Class A			JNL/T. Rowe Price Value Fund - Class I			JNL/Vanguard Capital Growth Fund - Class A			JNL/Vanguard Capital Growth Fund - Class I
Operations
Net investment income (loss)		$	(33,113	)	$	(1,354,662	)	$	(5,523	)	$	(24,390,179	)	$	(45,612	)	$	(4,130,732	)	$	(29,442	)
Net realized gain (loss) on investments			90,802			(80,183	)		2,902			5,859,174			31,340			3,842,457			74,062
Net change in unrealized appreciation
	(depreciation) on investments		199,834			9,596,056			115,585			410,329,296			2,203,568			67,337,004			1,434,280
Net change in net assets
	from operations		257,523			8,161,211			112,964			391,798,291			2,189,296			67,048,729			1,478,900
Contract transactions
Purchase payments			8,890,774			11,435,518			522,669			94,187,552			3,936,274			61,033,539			2,415,514
Surrenders and terminations			(303,831	)		(9,497,302	)		(209,196	)		(130,201,848	)		(270,675	)		(17,125,177	)		(189,499	)
Transfers between Investment Divisions			(889,728	)		36,567,025			56,681			(4,197,707	)		613,847			10,197,229			(508,254	)
Contract owner charges			(55,135	)		(1,046,370	)		(10,812	)		(19,610,821	)		(105,598	)		(3,768,845	)		(70,789	)
Net change in net assets
	from contract transactions		7,642,080			37,458,871			359,342			(59,822,824	)		4,173,848			50,336,746			1,646,972
Net change in net assets			7,899,603			45,620,082			472,306			331,975,467			6,363,144			117,385,475			3,125,872
Net assets beginning of year			3,548,823			81,390,716			981,013			1,629,904,571			6,377,256			250,966,931			5,079,069
Net assets end of year		$	11,448,426		$	127,010,798		$	1,453,319		$	1,961,880,038		$	12,740,400		$	368,352,406		$	8,204,941
Contract unit transactions
Units outstanding at beginning of year			284,531			7,794,525			92,752			57,613,769			172,493			23,937,878			479,149
Units issued			1,092,174			7,023,712			62,114			8,559,058			140,209			11,561,487			320,618
Units redeemed			(488,046	)		(3,646,824	)		(27,906	)		(10,613,364	)		(40,152	)		(7,133,723	)		(184,068	)
Units outstanding at end of year			888,659			11,171,413			126,960			55,559,463			272,550			28,365,642			615,699

See Notes to the Financial Statements.

123

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Vanguard Equity Income Fund - Class A			JNL/Vanguard Equity Income Fund - Class I			JNL/Vanguard Global Bond Market Index Fund - Class A			JNL/Vanguard Global Bond Market Index Fund - Class I			JNL/Vanguard Growth ETF Allocation Fund - Class A			JNL/Vanguard Growth ETF Allocation Fund - Class I			JNL/Vanguard International Fund - Class A
Operations
Net investment income (loss)		$	(3,175,576	)	$	(27,592	)	$	(1,101,317	)	$	(9,767	)	$	(4,043,868	)	$	(65,552	)	$	(6,798,974	)
Net realized gain (loss) on investments			4,898,231			62,490			1,469,123			47,953			1,884,899			155,587			(1,400,845	)
Net change in unrealized appreciation
	(depreciation) on investments		45,071,237			1,186,624			3,815,205			98,817			59,389,215			2,843,815			134,251,867
Net change in net assets
	from operations		46,793,892			1,221,522			4,183,011			137,003			57,230,246			2,933,850			126,052,048
Contract transactions
Purchase payments			66,630,571			4,324,392			28,263,290			2,647,593			87,454,413			7,997,249			60,287,894
Surrenders and terminations			(10,633,011	)		(145,034	)		(6,394,791	)		(59,123	)		(13,772,308	)		(377,953	)		(24,188,678	)
Transfers between Investment Divisions			88,041,772			701,230			34,385,174			(113,425	)		35,889,396			404,104			25,518,486
Contract owner charges			(2,733,711	)		(55,386	)		(915,624	)		(17,960	)		(3,817,021	)		(149,704	)		(6,201,387	)
Net change in net assets
	from contract transactions		141,305,621			4,825,202			55,338,049			2,457,085			105,754,480			7,873,696			55,416,315
Net change in net assets			188,099,513			6,046,724			59,521,060			2,594,088			162,984,726			10,807,546			181,468,363
Net assets beginning of year			139,345,991			3,047,272			63,362,544			1,209,889			229,380,076			9,326,199			412,462,976
Net assets end of year		$	327,445,504		$	9,093,996		$	122,883,604		$	3,803,977		$	392,364,802		$	20,133,745		$	593,931,339
Contract unit transactions
Units outstanding at beginning of year			14,207,159			305,554			6,364,447			119,530			24,141,351			964,929			46,068,699
Units issued			20,720,750			528,748			8,776,924			315,638			14,707,474			1,020,610			18,256,416
Units redeemed			(7,554,298	)		(89,050	)		(3,473,056	)		(85,717	)		(4,780,154	)		(289,662	)		(12,819,821	)
Units outstanding at end of year			27,373,611			745,252			11,668,315			349,451			34,068,671			1,695,877			51,505,294

See Notes to the Financial Statements.

124

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Vanguard International Fund - Class I			JNL/Vanguard International Stock Market Index Fund - Class A			JNL/Vanguard International Stock Market Index Fund - Class I			JNL/Vanguard Moderate ETF Allocation Fund - Class A			JNL/Vanguard Moderate ETF Allocation Fund - Class I			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A			JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
Operations
Net investment income (loss)		$	(39,031	)	$	(3,553,590	)	$	(29,634	)	$	(2,610,870	)	$	(37,014	)	$	(3,472,526	)	$	(53,495	)
Net realized gain (loss) on investments			59,093			(1,414,806	)		(43,348	)		1,701,176			94,663			1,781,953			82,249
Net change in unrealized appreciation
	(depreciation) on investments		2,215,282			49,497,304			1,164,955			26,434,157			1,121,284			45,299,766			1,955,314
Net change in net assets
	from operations		2,235,344			44,528,908			1,091,973			25,524,463			1,178,933			43,609,193			1,984,068
Contract transactions
Purchase payments			3,502,274			46,121,834			3,505,178			83,536,955			4,059,714			88,446,494			4,624,616
Surrenders and terminations			(382,855	)		(11,745,192	)		(141,328	)		(12,330,777	)		(623,134	)		(14,525,980	)		(346,074	)
Transfers between Investment Divisions			302,874			32,483,219			(993,842	)		73,957,963			(61,822	)		48,398,129			(13,055	)
Contract owner charges			(86,631	)		(2,878,123	)		(62,371	)		(2,058,325	)		(67,398	)		(3,009,708	)		(129,788	)
Net change in net assets
	from contract transactions		3,335,662			63,981,738			2,307,637			143,105,816			3,307,360			119,308,935			4,135,699
Net change in net assets			5,571,006			108,510,646			3,399,610			168,630,279			4,486,293			162,918,128			6,119,767
Net assets beginning of year			5,753,379			203,704,434			4,433,087			130,764,945			6,140,480			199,470,332			8,473,178
Net assets end of year		$	11,324,385		$	312,215,080		$	7,832,697		$	299,395,224		$	10,626,773		$	362,388,460		$	14,592,945
Contract unit transactions
Units outstanding at beginning of year			640,824			23,222,626			500,154			13,613,003			628,754			20,886,685			873,992
Units issued			629,160			11,630,114			482,145			17,955,337			533,556			15,339,610			583,471
Units redeemed			(297,788	)		(5,012,115	)		(249,112	)		(4,278,979	)		(221,680	)		(3,981,001	)		(197,532	)
Units outstanding at end of year			972,196			29,840,625			733,187			27,289,361			940,630			32,245,294			1,259,931

See Notes to the Financial Statements.

125

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Vanguard Small Company Growth Fund - Class A			JNL/Vanguard Small Company Growth Fund - Class I			JNL/Vanguard U.S. Stock Market Index Fund - Class A			JNL/Vanguard U.S. Stock Market Index Fund - Class I			JNL/WCM Focused International Equity Fund - Class A			JNL/WCM Focused International Equity Fund - Class I			JNL/Westchester Capital Event Driven Fund - Class A
Operations
Net investment income (loss)		$	(3,471,388	)	$	(21,626	)	$	(4,954,190	)	$	(38,254	)	$	(668,229	)	$	7,857		$	(467,978	)
Net realized gain (loss) on investments			(5,085,572	)		14,876			8,114,507			92,973			9,785,511			175,456			630,760
Net change in unrealized appreciation
	(depreciation) on investments		64,221,430			1,008,482			84,916,957			2,115,588			25,050,037			591,011			3,348,337
Net change in net assets
	from operations		55,664,470			1,001,732			88,077,274			2,170,307			34,167,319			774,324			3,511,119
Contract transactions
Purchase payments			27,435,864			1,402,333			98,003,462			6,515,969			23,230,689			1,360,657			4,257,724
Surrenders and terminations			(12,348,842	)		(116,304	)		(22,040,722	)		(107,625	)		(6,450,819	)		(124,506	)		(2,695,760	)
Transfers between Investment Divisions			(62,350,668	)		(161,358	)		121,536,644			519,968			126,300,295			637,537			15,540,730
Contract owner charges			(3,351,729	)		(55,770	)		(4,460,236	)		(83,038	)		(1,152,713	)		(30,361	)		(308,412	)
Net change in net assets
	from contract transactions		(50,615,375	)		1,068,901			193,039,148			6,845,274			141,927,452			1,843,327			16,794,282
Net change in net assets			5,049,095			2,070,633			281,116,422			9,015,581			176,094,771			2,617,651			20,305,401
Net assets beginning of year			250,011,058			3,201,418			236,798,547			4,958,564			58,982,232			1,613,750			25,623,417
Net assets end of year		$	255,060,153		$	5,272,051		$	517,914,969		$	13,974,145		$	235,077,003		$	4,231,401		$	45,928,818
Contract unit transactions
Units outstanding at beginning of year			25,619,429			323,857			23,815,076			491,524			4,686,223			121,521			2,482,205
Units issued			8,252,808			229,201			29,361,208			746,899			11,749,330			167,617			3,385,152
Units redeemed			(13,098,959	)		(131,611	)		(12,499,058	)		(172,923	)		(2,391,437	)		(53,058	)		(1,824,756	)
Units outstanding at end of year			20,773,278			421,447			40,677,226			1,065,500			14,044,116			236,080			4,042,601

See Notes to the Financial Statements.

126

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Westchester Capital Event Driven Fund - Class I			JNL/WMC Balanced Fund - Class A			JNL/WMC Balanced Fund - Class I			JNL/WMC Government Money Market Fund - Class A			JNL/WMC Government Money Market Fund - Class I			JNL/WMC Value Fund - Class A			JNL/WMC Value Fund - Class I
Operations
Net investment income (loss)		$	(2,231	)	$	(101,472,595	)	$	(111,733	)	$	2,806,297		$	187,955		$	(9,925,900	)	$	(6,171	)
Net realized gain (loss) on investments			5,482			141,548,806			165,431			—			—			(162,124	)		(21,256	)
Net change in unrealized appreciation
	(depreciation) on investments		48,379			1,344,715,070			4,573,435			—			—			170,983,026			373,129
Net change in net assets
	from operations		51,630			1,384,791,281			4,627,133			2,806,297			187,955			160,895,002			345,702
Contract transactions
Purchase payments			262,698			625,967,710			17,319,943			414,247,357			24,550,964			27,974,999			1,107,499
Surrenders and terminations			(58,074	)		(581,520,294	)		(880,657	)		(625,195,746	)		(5,954,020	)		(49,380,703	)		(159,966	)
Transfers between Investment Divisions			131,622			46,143,442			(1,226,739	)		59,107,815			(17,871,889	)		(6,261,656	)		(27,893	)
Contract owner charges			(5,488	)		(89,825,795	)		(253,437	)		(14,855,773	)		(109,518	)		(8,560,078	)		(14,957	)
Net change in net assets
	from contract transactions		330,758			765,063			14,959,110			(166,696,347	)		615,537			(36,227,438	)		904,683
Net change in net assets			382,388			1,385,556,344			19,586,243			(163,890,050	)		803,492			124,667,564			1,250,385
Net assets beginning of year			285,347			6,996,799,334			14,632,928			1,354,360,049			12,197,202			641,872,171			1,082,118
Net assets end of year		$	667,735		$	8,382,355,678		$	34,219,171		$	1,190,469,999		$	13,000,694		$	766,539,735		$	2,332,503
Contract unit transactions
Units outstanding at beginning of year			27,215			151,046,641			223,286			113,986,770			741,820			18,987,163			25,078
Units issued			45,069			21,873,850			288,687			121,921,359			2,617,350			2,090,812			23,560
Units redeemed			(15,434	)		(22,518,140	)		(73,828	)		(137,241,587	)		(2,578,083	)		(3,084,453	)		(5,852	)
Units outstanding at end of year			56,850			150,402,351			438,145			98,666,542			781,087			17,993,522			42,786

See Notes to the Financial Statements.

127

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL Institutional Alt 100 Fund - Class A			JNL Institutional Alt 25 Fund - Class A			JNL Institutional Alt 25 Fund - Class I			JNL Institutional Alt 50 Fund - Class A			JNL Institutional Alt 50 Fund - Class I			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class A			JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I
Operations
Net investment income (loss)		$	(2,222,096	)	$	(35,295,359	)	$	(3,420	)	$	(30,097,966	)	$	(4,713	)	$	302,207		$	15,919
Net realized gain (loss) on investments			327,037			50,081,360			1,022			42,103,839			8,689			(339,046	)		(2,298	)
Net change in unrealized appreciation
	(depreciation) on investments		22,812,641			383,373,025			120,424			271,273,389			148,453			5,637,410			122,385
Net change in net assets
	from operations		20,917,582			398,159,026			118,026			283,279,262			152,429			5,600,571			136,006
Contract transactions
Purchase payments			3,840,283			19,163,743			224,430			21,200,046			171,576			4,150,850			450,624
Surrenders and terminations			(38,393,034	)		(227,763,141	)		(10,111	)		(200,156,211	)		(16,659	)		(4,252,577	)		(219,812	)
Transfers between Investment Divisions			(16,255,595	)		(125,295,126	)		127,748			(139,249,280	)		(120,137	)		598,473			(62,600	)
Contract owner charges			(185,724	)		(37,574,126	)		(10,409	)		(30,837,064	)		(12,884	)		(105,074	)		(5,789	)
Net change in net assets
	from contract transactions		(50,994,070	)		(371,468,650	)		331,658			(349,042,509	)		21,896			391,672			162,423
Net change in net assets			(30,076,488	)		26,690,376			449,684			(65,763,247	)		174,325			5,992,243			298,429
Net assets beginning of year			230,160,889			2,509,523,786			505,291			2,190,406,973			1,023,774			42,761,125			830,249
Net assets end of year		$	200,084,401		$	2,536,214,162		$	954,975		$	2,124,643,726		$	1,198,099		$	48,753,368		$	1,128,678
Contract unit transactions
Units outstanding at beginning of year			23,362,558			143,487,935			31,884			127,971,204			63,030			4,316,758			87,645
Units issued			886,734			5,428,734			21,246			5,583,620			24,918			1,612,837			76,942
Units redeemed			(5,800,081	)		(24,991,627	)		(1,172	)		(24,718,852	)		(24,933	)		(1,588,416	)		(59,559	)
Units outstanding at end of year			18,449,211			123,925,042			51,958			108,835,972			63,015			4,341,179			105,028

See Notes to the Financial Statements.

128

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/FAMCO Flex Core Covered Call Fund - Class A			JNL/FAMCO Flex Core Covered Call Fund - Class I			JNL/FPA + DoubleLine Flexible Allocation Fund - Class A			JNL/FPA + DoubleLine Flexible Allocation Fund - Class I			JNL/Franklin Templeton Global Fund - Class A			JNL/Franklin Templeton Global Fund - Class I			JNL/Goldman Sachs Emerging Markets Debt Fund - Class A
Operations
Net investment income (loss)		$	(1,598,540	)	$	(3,610	)	$	(20,464,527	)	$	(3,732	)	$	(5,699,342	)	$	(3,955	)	$	(1,467,846	)
Net realized gain (loss) on investments			(440,558	)		3,861			346,284			(887	)		(4,827,774	)		(4,257	)		(1,376,383	)
Net change in unrealized appreciation
	(depreciation) on investments		27,489,246			148,406			282,299,404			149,436			60,455,346			153,211			15,711,006
Net change in net assets
	from operations		25,450,148			148,657			262,181,161			144,817			49,928,230			144,999			12,866,777
Contract transactions
Purchase payments			8,032,664			206,881			15,277,067			211,503			11,907,558			526,329			1,786,135
Surrenders and terminations			(15,305,755	)		(62,689	)		(136,479,078	)		(3,809	)		(31,415,478	)		(25,798	)		(12,670,739	)
Transfers between Investment Divisions			(3,021,841	)		43,271			(86,183,906	)		198,894			(16,470,272	)		238,548			(5,937,257	)
Contract owner charges			(600,183	)		(8,277	)		(19,796,363	)		(11,320	)		(5,493,980	)		(8,986	)		(1,005,397	)
Net change in net assets
	from contract transactions		(10,895,115	)		179,186			(227,182,280	)		395,268			(41,472,172	)		730,093			(17,827,258	)
Net change in net assets			14,555,033			327,843			34,998,881			540,085			8,456,058			875,092			(4,960,481	)
Net assets beginning of year			129,488,997			602,814			1,430,983,790			597,574			402,290,684			477,260			116,819,023
Net assets end of year		$	144,044,030		$	930,657		$	1,465,982,671		$	1,137,659		$	410,746,742		$	1,352,352		$	111,858,542
Contract unit transactions
Units outstanding at beginning of year			10,592,967			52,630			115,916,002			42,017			37,558,276			36,988			9,544,354
Units issued			2,575,555			27,669			5,100,326			31,338			4,447,924			71,002			787,635
Units redeemed			(3,294,703	)		(13,642	)		(21,653,165	)		(6,923	)		(8,103,999	)		(15,320	)		(2,171,400	)
Units outstanding at end of year			9,873,819			66,657			99,363,163			66,432			33,902,201			92,670			8,160,589

See Notes to the Financial Statements.

129

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Invesco China-India Fund - Class A			JNL/Invesco China-India Fund - Class I			JNL/Mellon S&P 1500 Growth Index Fund - Class A			JNL/Mellon S&P 1500 Growth Index Fund - Class I			JNL/Mellon S&P 1500 Value Index Fund - Class A			JNL/Mellon S&P 1500 Value Index Fund - Class I			JNL/Neuberger Berman Currency Fund - Class A
Operations
Net investment income (loss)		$	(5,660,199	)	$	2,052		$	(1,359,123	)	$	(11,966	)	$	(753,406	)	$	(11,123	)	$	(120,136	)
Net realized gain (loss) on investments			31,493,325			61,138			(2,034,790	)		20,141			747,600			12,873			3,445
Net change in unrealized appreciation
	(depreciation) on investments		34,643,466			62,048			28,953,310			634,887			14,132,254			588,321			6,034
Net change in net assets
	from operations		60,476,592			125,238			25,559,397			643,062			14,126,448			590,071			(110,657	)
Contract transactions
Purchase payments			16,947,170			697,444			17,762,888			2,525,458			15,339,891			2,110,747			873,187
Surrenders and terminations			(36,098,456	)		(9,483	)		(17,589,595	)		(131,419	)		(3,560,403	)		(36,094	)		(1,703,939	)
Transfers between Investment Divisions			(10,204,955	)		157,541			(20,414,671	)		368,734			40,855,244			955,905			(35,401	)
Contract owner charges			(6,390,314	)		(10,653	)		(1,176,455	)		(25,503	)		(633,556	)		(15,769	)		(44,325	)
Net change in net assets
	from contract transactions		(35,746,555	)		834,849			(21,417,833	)		2,737,270			52,001,176			3,014,789			(910,478	)
Net change in net assets			24,730,037			960,087			4,141,564			3,380,332			66,127,624			3,604,860			(1,021,135	)
Net assets beginning of year			475,542,397			291,199			130,278,152			1,346,492			32,362,672			1,101,378			11,437,932
Net assets end of year		$	500,272,434		$	1,251,286		$	134,419,716		$	4,726,824		$	98,490,296		$	4,706,238		$	10,416,797
Contract unit transactions
Units outstanding at beginning of year			54,694,388			29,476			12,512,144			127,255			3,416,798			114,765			1,147,443
Units issued			10,183,668			111,702			6,670,533			244,446			6,296,100			345,964			361,467
Units redeemed			(14,157,577	)		(29,681	)		(9,030,269	)		(27,556	)		(1,549,385	)		(84,773	)		(451,790	)
Units outstanding at end of year			50,720,479			111,497			10,152,408			344,145			8,163,513			375,956			1,057,120

See Notes to the Financial Statements.

130

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/Neuberger Berman Currency Fund - Class I			JNL/Nicholas Convertible Arbitrage Fund - Class A			JNL/Nicholas Convertible Arbitrage Fund - Class I			JNL/Oppenheimer Emerging Markets Innovator Fund - Class A			JNL/PPM America Mid Cap Value Fund - Class A			JNL/PPM America Mid Cap Value Fund - Class I			JNL/PPM America Value Equity Fund - Class A
Operations
Net investment income (loss)		$	(280	)	$	(670,588	)	$	(546	)	$	(358,097	)	$	(6,406,326	)	$	(7,865	)	$	(2,511,927	)
Net realized gain (loss) on investments			(3,364	)		265,221			996			(199,599	)		(14,730,598	)		(82,137	)		5,278,353
Net change in unrealized appreciation
	(depreciation) on investments		5,070			5,620,153			11,696			7,916,110			98,475,233			349,113			29,834,664
Net change in net assets
	from operations		1,426			5,214,786			12,146			7,358,414			77,338,309			259,111			32,601,090
Contract transactions
Purchase payments			34,762			2,956,337			49,090			4,114,318			23,317,867			654,175			5,710,157
Surrenders and terminations			(55,118	)		(10,063,693	)		(56,383	)		(2,994,074	)		(35,313,150	)		(78,038	)		(15,979,243	)
Transfers between Investment Divisions			(68,503	)		(655,270	)		(32,642	)		(1,507,326	)		(7,818,405	)		(81,976	)		2,839,996
Contract owner charges			(217	)		(106,405	)		(969	)		(17,802	)		(5,524,374	)		(15,346	)		(1,983,409	)
Net change in net assets
	from contract transactions		(89,076	)		(7,869,031	)		(40,904	)		(404,884	)		(25,338,062	)		478,815			(9,412,499	)
Net change in net assets			(87,650	)		(2,654,245	)		(28,758	)		6,953,530			52,000,247			737,926			23,188,591
Net assets beginning of year			174,101			64,974,510			157,819			32,468,601			444,438,667			1,106,122			165,627,605
Net assets end of year		$	86,451		$	62,320,265		$	129,061		$	39,422,131		$	496,438,914		$	1,844,048		$	188,816,196
Contract unit transactions
Units outstanding at beginning of year			16,991			6,294,202			15,176			3,637,619			26,629,058			56,726			5,498,503
Units issued			7,160			1,492,264			6,023			1,145,782			5,333,135			66,129			1,026,263
Units redeemed			(15,658	)		(2,216,377	)		(9,609	)		(1,178,093	)		(6,694,602	)		(43,074	)		(1,332,062	)
Units outstanding at end of year			8,493			5,570,089			11,590			3,605,308			25,267,591			79,781			5,192,704

See Notes to the Financial Statements.

131

Jackson National Separate Account I
Statements of Changes in Net Assets
December 31, 2019
		JNL/PPM America Value Equity Fund - Class I			JNL/S&P Mid 3 Fund - Class A			JNL/S&P Mid 3 Fund - Class I			JNL/Scout Unconstrained Bond Fund - Class A			JNL/The London Company Focused U.S. Equity Fund - Class A			JNL/The London Company Focused U.S. Equity Fund - Class I			JNL/VanEck International Gold Fund - Class A
Operations
Net investment income (loss)		$	(2,639	)	$	707,024		$	7,349		$	(401,396	)	$	150,856		$	13,184		$	(558,590	)
Net realized gain (loss) on investments			1,096			12,714,073			16,381			156,084			5,619,805			175,915			304,821
Net change in unrealized appreciation
	(depreciation) on investments		115,884			22,255,447			52,656			2,034,099			88,002			(21,227	)		16,743,724
Net change in net assets
	from operations		114,341			35,676,544			76,386			1,788,787			5,858,663			167,872			16,489,955
Contract transactions
Purchase payments			424,052			7,216,885			235,394			1,755,159			3,456,618			291,297			5,641,189
Surrenders and terminations			(14,572	)		(13,049,793	)		(64,579	)		(3,689,992	)		(1,498,564	)		(9,888	)		(4,566,503	)
Transfers between Investment Divisions			153,161			(15,475,822	)		(110,486	)		(991,499	)		2,562,740			257,235			209,700
Contract owner charges			(6,949	)		(2,320,640	)		(5,152	)		(30,340	)		(92,751	)		(9,697	)		(33,193	)
Net change in net assets
	from contract transactions		555,692			(23,629,370	)		55,177			(2,956,672	)		4,428,043			528,947			1,251,193
Net change in net assets			670,033			12,047,174			131,563			(1,167,885	)		10,286,706			696,819			17,741,148
Net assets beginning of year			291,296			194,974,986			356,779			40,686,859			22,312,611			374,583			46,222,969
Net assets end of year		$	961,329		$	207,022,160		$	488,342		$	39,518,974		$	32,599,317		$	1,071,402		$	63,964,117
Contract unit transactions
Units outstanding at beginning of year			6,468			18,147,051			31,086			4,201,669			1,677,169			27,217			10,369,106
Units issued			11,857			2,733,748			22,045			556,837			751,786			39,374			5,157,332
Units redeemed			(778	)		(4,677,855	)		(17,823	)		(856,229	)		(452,589	)		(4,279	)		(5,046,814	)
Units outstanding at end of year			17,547			16,202,944			35,308			3,902,277			1,976,366			62,312			10,479,624

See Notes to the Financial Statements.

132

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Aggressive Growth Allocation Fund - Class A
12/31/2020	1,535,676	82,886	0.00	14.309447	12.77		3.15	22.196487	16.37		0.00
12/31/2019	1,427,117	88,415	0.00	12.689275	22.15		3.15	19.073887	26.05		0.00
12/31/2018	1,255,546	96,925	0.00	10.388230	(13.26	)	3.15	15.131591	(10.47	)	0.00
12/31/2017	1,436,564	98,148	0.00	11.975808	17.65		3.15	16.901066	13.65	‡	0.00
12/31/2016	833,491	68,990	0.00	10.178918	4.74		3.15	13.512866	1.34	‡	0.30
JNL Aggressive Growth Allocation Fund - Class I
12/31/2020	10,274	588	0.00	16.937504	16.21		0.45	16.992917	16.33		0.35
12/31/2019	8,118	525	0.00	14.574877	25.80		0.45	14.607927	25.93		0.35
12/31/2018	3,716	307	0.00	11.585525	(10.56	)	0.45	11.600188	(10.47	)	0.35
12/31/2017+	266	21	0.00	12.953324	4.89	‡	0.45	12.956691	4.91	‡	0.35
JNL Conservative Allocation Fund - Class A
12/31/2020	743,677	57,455	0.00	11.490582	21.08	‡	2.55	14.419877	7.51		0.00
12/31/2019	427,061	34,935	0.00	11.007148	1.20	‡	2.50	13.412056	12.46		0.00
12/31/2018	322,079	29,229	0.00	10.108732	(4.10	)‡	2.40	11.926441	(3.12	)	0.00
12/31/2017	237,629	20,582	0.00	10.752382	0.40	‡	2.30	12.310832	7.24	‡	0.00
12/31/2016	136,744	12,640	0.00	10.729749	3.18		1.25	10.941929	3.59		0.85
JNL Conservative Allocation Fund - Class I
12/31/2020	6,094	439	0.00	13.805267	7.37		0.45	13.850793	7.48		0.35
12/31/2019	3,153	245	0.00	12.857867	12.16		0.45	12.887404	12.27		0.35
12/31/2018	357	31	0.00	11.464191	(3.22	)	0.45	11.479042	(3.12	)	0.35
12/31/2017+	6	1	0.00	11.846061	1.33	‡	0.45	11.849203	1.36	‡	0.35
JNL Growth Allocation Fund - Class A
12/31/2020	2,334,912	122,232	0.00	14.771862	11.77		3.15	22.912073	15.34		0.00
12/31/2019	2,261,023	134,805	0.00	13.215952	19.85		3.15	19.864082	23.68		0.00
12/31/2018	2,011,398	146,725	0.00	11.026831	(11.90	)	3.15	16.060585	(9.07	)	0.00
12/31/2017	2,347,217	153,866	0.00	12.516462	14.97		3.15	17.662733	11.88	‡	0.00
12/31/2016	1,731,174	133,729	0.00	10.886540	4.21		3.15	14.451110	1.07	‡	0.30
JNL Growth Allocation Fund - Class I
12/31/2020	14,405	756	0.00	17.487397	15.18		0.45	17.544639	15.30		0.35
12/31/2019	11,609	703	0.00	15.182553	23.43		0.45	15.217028	23.56		0.35
12/31/2018	5,906	446	0.00	12.300179	(9.25	)	0.45	12.315780	(9.16	)	0.35
12/31/2017+	621	46	0.00	13.553626	4.42	‡	0.45	13.557188	4.45	‡	0.35
JNL iShares Tactical Growth Fund - Class A
12/31/2020	259,653	13,553	1.93	16.489809	9.18		2.80	21.159049	12.28		0.00
12/31/2019	227,774	13,160	1.70	15.103382	16.26	‡	2.80	18.844841	21.65		0.00
12/31/2018	181,417	12,582	1.35	13.544098	(11.27	)‡	1.95	15.490647	(9.12	)	0.00
12/31/2017	199,077	12,407	1.30	15.835235	17.87		1.25	17.045925	17.90	‡	0.00
12/31/2016	159,685	11,759	1.31	13.434597	7.14		1.25	13.700231	7.57		0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Aggressive Growth Allocation Fund - Class I - September 25, 2017; JNL Conservative Allocation Fund - Class I - September 25, 2017; JNL Growth Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

133

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL iShares Tactical Growth Fund - Class I
12/31/2020	4,950	277	2.74	17.770218	12.09		0.45	17.827845	12.20		0.35
12/31/2019	3,075	192	1.94	15.853401	21.47		0.45	15.888917	21.59		0.35
12/31/2018	2,307	175	3.14	13.051448	(9.26	)	0.45	13.067613	(9.17	)	0.35
12/31/2017+	27	2	0.00	14.383543	6.31	‡	0.45	14.386886	6.33	‡	0.35
JNL iShares Tactical Moderate Fund - Class A
12/31/2020	170,994	11,903	1.93	12.827564	5.96		2.53	16.071635	8.68		0.00
12/31/2019	139,383	10,388	2.01	12.105596	11.52		2.53	14.787860	14.38		0.00
12/31/2018	116,203	9,666	1.58	10.855338	(7.14	)‡	2.53	12.929021	(5.35	)	0.00
12/31/2017	121,843	9,487	1.50	12.689883	10.07		1.25	13.660083	10.66	‡	0.00
12/31/2016	102,352	8,798	1.33	11.528576	4.26		1.25	11.756542	4.68		0.85
JNL iShares Tactical Moderate Fund - Class I
12/31/2020	4,952	341	2.76	14.408982	8.49		0.45	14.460150	8.60		0.35
12/31/2019	1,911	141	2.55	13.281181	14.22		0.45	13.315026	14.34		0.35
12/31/2018	1,110	93	2.46	11.627573	(5.51	)	0.45	11.645547	(5.39	)	0.35
12/31/2017+	—	—	0.00	12.308784	3.61	‡	0.45	12.308784	3.61	‡	0.35
JNL iShares Tactical Moderate Growth Fund - Class A
12/31/2020	282,899	16,488	2.07	15.465414	8.67		2.25	18.896230	11.15		0.00
12/31/2019	264,879	16,950	1.93	14.231149	13.80	‡	2.25	17.001281	18.06		0.00
12/31/2018	230,256	17,200	1.56	12.590697	(5.44	)‡	1.95	14.400204	(7.28	)	0.00
12/31/2017	263,017	18,007	1.45	14.427137	14.29		1.25	15.530128	14.57	‡	0.00
12/31/2016	224,102	17,580	1.34	12.623278	5.72		1.25	12.872885	6.14		0.85
JNL iShares Tactical Moderate Growth Fund - Class I
12/31/2020	4,797	289	2.73	16.454676	10.92		0.45	16.507812	11.03		0.35
12/31/2019	3,340	223	2.36	14.834523	17.92		0.45	14.867550	18.04		0.35
12/31/2018	2,282	176	3.25	12.580051	(7.33	)	0.45	12.595453	(7.23	)	0.35
12/31/2017+	77	6	0.00	13.574664	4.90	‡	0.45	13.577627	4.93	‡	0.35
JNL Moderate Allocation Fund - Class A
12/31/2020	2,601,306	170,568	0.00	13.505767	18.49	‡	2.70	17.176766	11.20		0.00
12/31/2019	563,413	40,186	0.00	12.727537	12.87		2.45	15.447353	15.67		0.00
12/31/2018	453,477	36,646	0.00	11.276696	(8.16	)‡	2.45	13.354971	(4.94	)	0.00
12/31/2017	444,046	33,657	0.00	12.241175	1.73	‡	2.34	14.048872	9.48	‡	0.00
12/31/2016	413,769	34,267	0.00	11.959560	3.91		1.25	12.196060	4.32		0.85
JNL Moderate Allocation Fund - Class I
12/31/2020	13,554	825	0.00	15.999750	11.03		0.45	16.052055	11.14		0.35
12/31/2019	5,883	402	0.00	14.410321	15.57		0.45	14.442979	15.69		0.35
12/31/2018	2,597	208	0.00	12.468441	(5.14	)	0.45	12.484202	(5.04	)	0.35
12/31/2017+	551	42	0.00	13.143749	2.21	‡	0.45	13.147136	2.23	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL iShares Tactical Growth Fund - Class I - September 25, 2017; JNL iShares Tactical Moderate Fund - Class I - September 25, 2017; JNL iShares Tactical Moderate Growth Fund - Class I - September 25, 2017; JNL Moderate Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

134

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Moderate Growth Allocation Fund - Class A
12/31/2020	4,732,580	256,429	0.00	13.219630	8.72		3.70	22.140606	12.81		0.00
12/31/2019	2,219,872	132,586	0.00	12.159564	15.19		3.70	19.626383	19.53		0.00
12/31/2018	2,022,087	143,287	0.00	10.555648	(10.04	)	3.70	16.419459	(6.64	)	0.00
12/31/2017	2,326,033	152,031	0.00	11.734056	10.39		3.70	17.586775	9.16	‡	0.00
12/31/2016	1,326,899	99,540	0.00	10.629402	3.38		3.70	14.903869	0.93	‡	0.30
JNL Moderate Growth Allocation Fund - Class I
12/31/2020	7,820	453	0.00	17.162768	12.67		0.45	17.218903	12.79		0.35
12/31/2019	3,966	260	0.00	15.232283	19.31		0.45	15.266835	19.43		0.35
12/31/2018	1,855	145	0.00	12.767379	(6.76	)	0.45	12.783548	(6.67	)	0.35
12/31/2017+	—	—	0.00	13.693605	3.35	‡	0.45	13.697170	3.37	‡	0.35
JNL Multi-Manager Alternative Fund - Class A
12/31/2020	187,901	17,074	0.00	10.301957	4.00	‡	2.20	11.674444	7.58		0.00
12/31/2019	15,123	1,459	0.00	10.235576	7.73		1.25	10.852152	9.08		0.00
12/31/2018	13,686	1,427	0.00	9.501435	(5.03	)	1.25	9.948654	(3.83	)	0.00
12/31/2017	11,887	1,181	0.56	10.004507	5.07		1.25	10.344566	5.95	‡	0.00
12/31/2016	8,635	903	0.37	9.521588	0.34		1.25	9.585670	0.74		0.85
JNL Multi-Manager Alternative Fund - Class I
12/31/2020+	837	72	0.00	11.615694	15.20	‡	0.45	11.561195	5.31	‡	0.40
JNL Multi-Manager Emerging Markets Equity Fund - Class A
12/31/2020	907,772	59,031	1.56	10.520360	10.45	‡	3.90	18.644076	8.86		0.00
12/31/2019	392,405	27,345	2.02	10.455649	13.67		3.61	17.126720	17.85		0.00
12/31/2018	339,583	27,486	1.54	9.198373	(21.26	)	3.61	14.532257	(18.35	)	0.00
12/31/2017	446,071	29,158	1.26	11.681697	24.05		3.61	17.797685	25.27	‡	0.00
12/31/2016	385,021	32,100	2.23	9.416799	15.06		3.61	12.639723	18.27		0.85
JNL Multi-Manager Emerging Markets Equity Fund - Class I
12/31/2020	9,332	497	1.69	18.973504	8.72		0.45	18.425007	8.88		0.30
12/31/2019	5,455	314	2.74	17.451550	17.64		0.45	16.921652	10.06	‡	0.30
12/31/2018	2,701	183	3.19	14.834349	(18.50	)	0.45	14.853113	(18.42	)	0.35
12/31/2017+	118	6	0.00	18.202545	6.25	‡	0.45	18.207279	6.28	‡	0.35
JNL Multi-Manager International Small Cap Fund - Class A
12/31/2020	4,018	292	1.71	13.654639	30.54		1.25	14.067615	32.18		0.00
12/31/2019	6,058	577	0.91	10.460508	30.08		1.25	10.643009	31.72		0.00
12/31/2018+	411	51	0.00	8.041347	(18.59	)‡	1.25	8.080006	(19.20	)‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Moderate Growth Allocation Fund - Class I - September 25, 2017; JNL Multi-Manager Alternative Fund - Class I - April 27, 2020; JNL Multi-Manager Emerging Markets Equity Fund - Class I - September 25, 2017; JNL Multi-Manager International Small Cap Fund - Class A - August 13, 2018.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

135

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Multi-Manager Mid Cap Fund - Class A
12/31/2020	256,509	15,741	0.00	15.109196	11.08		3.05	17.217214	14.52		0.00
12/31/2019	192,437	13,360	0.00	13.602444	24.90		3.05	15.034589	28.77		0.00
12/31/2018	101,433	8,949	0.00	10.890739	(8.41	)‡	3.05	11.675917	(5.70	)	0.00
12/31/2017	56,173	4,613	0.12	12.009157	13.30		2.40	12.381432	14.11	‡	0.00
12/31/2016+	9,407	885	0.00	10.599375	4.06	‡	2.40	10.661078	5.98	‡	0.30
JNL Multi-Manager Mid Cap Fund - Class I
12/31/2020	5,986	350	0.00	17.090974	14.44		0.45	17.146864	14.56		0.35
12/31/2019	2,784	186	0.00	14.934217	28.52		0.45	14.968076	28.65		0.35
12/31/2018	1,509	130	0.54	11.619898	(5.88	)	0.45	11.634604	(5.78	)	0.35
12/31/2017+	35	3	0.00	12.345542	6.24	‡	0.45	12.348750	6.27	‡	0.35
JNL Multi-Manager Small Cap Growth Fund - Class A
12/31/2020	2,556,139	27,576	0.00	49.611387	40.81		3.91	128.282149	46.43		0.00
12/31/2019	1,869,735	29,270	0.00	35.232812	30.68		3.91	87.609325	35.89		0.00
12/31/2018	1,318,819	27,849	0.00	26.960739	(5.83	)	3.91	64.470803	(2.05	)	0.00
12/31/2017	1,194,495	24,525	0.00	28.629283	22.37		3.91	65.821389	25.21	‡	0.00
12/31/2016	914,391	23,663	0.00	23.395507	1.70		3.91	48.682724	2.39	‡	0.30
JNL Multi-Manager Small Cap Growth Fund - Class I
12/31/2020	26,498	202	0.00	133.243460	46.21		0.45	133.679356	46.35		0.35
12/31/2019	11,378	126	0.00	91.133851	35.70		0.45	91.340597	35.84		0.35
12/31/2018	4,466	68	0.00	67.156378	(2.22	)	0.45	67.241448	(2.12	)	0.35
12/31/2017+	67	1	0.00	68.678173	7.85	‡	0.45	68.696054	7.88	‡	0.35
JNL Multi-Manager Small Cap Value Fund - Class A
12/31/2020	684,398	28,256	0.00	16.199045	1.71		3.91	29.889855	5.76		0.00
12/31/2019	665,294	28,692	0.00	15.927205	20.46		3.91	28.261309	25.26		0.00
12/31/2018	540,931	28,900	0.30	13.221928	(18.06	)	3.91	22.561369	(14.77	)	0.00
12/31/2017	642,867	28,890	0.59	16.135990	6.81		3.91	26.472295	11.52	‡	0.00
12/31/2016	629,859	31,109	0.66	15.106491	19.05		3.91	23.017462	13.77	‡	0.30
JNL Multi-Manager Small Cap Value Fund - Class I
12/31/2020	4,765	157	0.00	30.480090	5.61		0.45	30.579793	5.72		0.35
12/31/2019	3,022	105	0.00	28.860487	25.01		0.45	28.925944	25.13		0.35
12/31/2018	1,055	46	1.04	23.087037	(14.84	)	0.45	23.116267	(14.76	)	0.35
12/31/2017+	55	2	0.00	27.111032	5.74	‡	0.45	27.118067	5.77	‡	0.35
JNL S&P 500 Index Fund - Class I
12/31/2020	168,253	10,759	0.00	15.470471	15.57	‡	0.80	15.699539	17.74		0.35
12/31/2019	81,274	6,119	0.00	13.303644	30.66		0.45	13.333817	30.79		0.35
12/31/2018	27,799	2,730	0.00	10.181824	(5.09	)	0.45	10.194734	(4.99	)	0.35
12/31/2017+	728	68	0.00	10.727411	7.27	‡	0.45	10.730223	7.30	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Multi-Manager Mid Cap Fund - Class A - September 19, 2016; JNL Multi-Manager Mid Cap Fund - Class I - September 25, 2017; JNL Multi-Manager Small Cap Growth Fund - Class I - September 25, 2017; JNL Multi-Manager Small Cap Value Fund - Class I - September 25, 2017; JNL S&P 500 Index Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

136

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Balanced Fund - Class A
12/31/2020	1,939,635	95,086	0.00	12.089221	7.81		3.86	26.848404	21.11	‡	0.00
12/31/2019	1,466,521	79,873	0.00	11.212971	16.20		3.86	22.809195	20.48		0.25
12/31/2018	963,782	62,690	0.69	9.649441	(8.51	)	3.86	18.932666	(3.60	)‡	0.25
12/31/2017	723,463	44,383	1.19	10.546544	12.30		3.86	19.782320	16.36		0.30
12/31/2016	434,844	30,932	0.01	9.391206	1.74		3.86	17.000792	(2.01	)‡	0.30
JNL/American Funds Balanced Fund - Class I
12/31/2020	34,448	1,253	0.00	23.808083	9.46	‡	0.80	27.772578	11.99		0.35
12/31/2019	21,732	885	0.00	24.742636	20.54		0.45	24.798861	20.66		0.35
12/31/2018	10,201	501	1.21	20.525899	(4.99	)	0.45	20.551953	(4.90	)	0.35
12/31/2017+	431	20	0.00	21.604345	3.89	‡	0.45	21.610033	3.92	‡	0.35
JNL/American Funds Blue Chip Income and Growth Fund - Class A
12/31/2020	3,072,092	125,575	0.00	14.104394	1.60		6.50	28.219237	28.97	‡	0.00
12/31/2019	3,046,358	133,328	0.00	13.882927	7.30	‡	6.50	25.285147	20.60		0.30
12/31/2018	2,699,798	141,339	0.00	13.709623	(12.37	)‡	5.20	20.965968	(9.27	)	0.30
12/31/2017	3,200,699	150,649	0.00	17.536302	8.26	‡	3.90	23.108209	16.26		0.30
12/31/2016	2,709,922	146,918	0.00	16.211226	14.44		3.36	19.876857	5.07	‡	0.30
JNL/American Funds Blue Chip Income and Growth Fund - Class I
12/31/2020	21,808	770	0.00	26.571976	7.85		0.80	28.610584	8.34		0.35
12/31/2019	14,079	537	0.00	24.637114	12.79	‡	0.80	26.408076	20.94		0.35
12/31/2018	5,838	268	0.00	21.808437	(9.13	)	0.45	21.836077	(9.04	)	0.35
12/31/2017+	146	6	0.00	24.000396	7.79	‡	0.45	24.006653	7.82	‡	0.35
JNL/American Funds Capital Income Builder Fund - Class A
12/31/2020	171,048	15,297	0.00	10.892647	1.46		2.45	11.490023	3.98		0.00
12/31/2019	120,088	11,027	0.00	10.735389	14.59		2.45	11.050029	17.43		0.00
12/31/2018+	21,747	2,311	0.00	9.368831	(5.41	)‡	2.45	9.410013	(5.43	)‡	0.00
JNL/American Funds Capital Income Builder Fund - Class I
12/31/2020	4,440	387	0.00	11.456417	3.76		0.45	11.483819	3.87		0.35
12/31/2019	2,892	262	0.00	11.041009	17.29		0.45	11.056317	17.40		0.35
12/31/2018+	1,212	128	0.00	9.413710	(5.39	)‡	0.45	9.417334	(5.35	)‡	0.35
JNL/American Funds Capital World Bond Fund - Class A
12/31/2020	476,909	40,193	0.00	9.779610	6.14		3.16	13.696146	12.13	‡	0.00
12/31/2019	468,666	42,770	0.00	9.213766	4.17		3.16	12.203739	7.24		0.25
12/31/2018	472,081	45,804	0.59	8.845340	(4.70	)	3.16	11.379722	(1.87	)	0.25
12/31/2017	492,409	46,440	0.33	9.281129	3.25		3.16	11.596046	(0.87	)‡	0.25
12/31/2016	445,048	44,159	0.00	8.988765	(0.85	)	3.16	10.873784	(5.84	)‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/American Funds Balanced Fund - Class I - September 25, 2017; JNL/American Funds Blue Chip Income and Growth Fund - Class I - September 25, 2017; JNL/American Funds Capital Income Builder Fund - Class A - August 13, 2018; JNL/American Funds Capital Income Builder Fund - Class I - August 13, 2018.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

137

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Capital World Bond Fund - Class I
12/31/2020	3,433	249	0.00	12.917349	9.00		0.80	13.908448	9.49		0.35
12/31/2019	2,181	173	0.00	11.850578	0.25	‡	0.80	12.702509	7.45		0.35
12/31/2018	1,123	95	1.20	11.807252	(1.83	)	0.45	11.822216	(1.74	)	0.35
12/31/2017+	155	13	0.00	12.027829	(0.39	)‡	0.45	12.030961	(0.37	)‡	0.35
JNL/American Funds Global Growth Fund - Class A
12/31/2020	704,355	30,693	0.00	20.528794	26.56		2.75	25.085881	30.09		0.00
12/31/2019	425,322	23,758	0.00	16.220790	4.22	‡	2.75	19.284083	34.95		0.00
12/31/2018	206,533	15,303	0.33	12.552094	(11.95	)‡	2.45	14.290179	(9.31	)	0.00
12/31/2017	157,760	10,461	0.69	14.935429	29.45		1.25	15.757258	27.18	‡	0.00
12/31/2016	85,586	7,364	0.00	11.537272	(0.82	)	1.25	11.690038	(0.42	)	0.85
JNL/American Funds Global Growth Fund - Class I
12/31/2020	15,256	652	0.00	24.041448	29.37		0.80	23.200508	29.95		0.35
12/31/2019	6,995	391	0.00	18.583289	14.56	‡	0.80	17.852812	34.92		0.35
12/31/2018	2,795	211	0.78	13.215873	(9.44	)	0.45	13.232529	(9.35	)	0.35
12/31/2017+	257	18	0.00	14.593004	5.75	‡	0.45	14.596697	5.77	‡	0.35
JNL/American Funds Global Small Capitalization Fund - Class A
12/31/2020	828,062	35,884	0.00	17.566799	12.99	‡	3.90	26.634150	58.76	‡	0.00
12/31/2019	707,894	39,195	0.00	15.323369	27.15		3.06	20.007908	30.70		0.30
12/31/2018	582,674	41,752	0.11	12.051776	(13.48	)	3.06	15.307757	(11.04	)	0.30
12/31/2017	643,349	40,628	0.19	13.928960	21.75		3.06	17.207850	25.15		0.30
12/31/2016	465,843	36,469	0.00	11.440488	(1.30	)	3.06	13.749835	(2.79	)‡	0.30
JNL/American Funds Global Small Capitalization Fund - Class I
12/31/2020	7,401	276	0.00	25.094692	27.23	‡	0.80	27.020523	29.33		0.35
12/31/2019	4,662	225	0.00	20.845693	30.85		0.45	20.893060	30.98		0.35
12/31/2018	2,548	161	0.38	15.931040	(10.88	)	0.45	15.951193	(10.79	)	0.35
12/31/2017+	225	13	0.00	17.875841	6.19	‡	0.45	17.880467	6.22	‡	0.35
JNL/American Funds Growth Allocation Fund - Class A
12/31/2020	3,315,196	155,187	0.00	18.531371	16.55		2.95	23.932818	20.04		0.00
12/31/2019	2,668,219	148,120	0.00	15.899604	19.78	‡	2.95	19.937036	23.37		0.00
12/31/2018	2,170,711	146,896	0.00	13.184675	(7.49	)‡	3.05	16.160931	(5.39	)	0.00
12/31/2017	1,994,589	126,210	0.00	14.452752	17.12		2.95	17.081415	13.32	‡	0.00
12/31/2016	1,298,868	97,906	0.00	12.340487	9.46	‡	2.95	13.966734	(0.01	)‡	0.30
JNL/American Funds Growth Allocation Fund - Class I
12/31/2020	31,039	1,358	0.00	22.783455	19.88		0.45	22.857876	20.00		0.35
12/31/2019	16,541	868	0.00	19.005851	23.16		0.45	19.048875	23.28		0.35
12/31/2018	9,260	599	0.00	15.432352	(5.50	)	0.45	15.451822	(5.41	)	0.35
12/31/2017+	267	16	0.00	16.331389	4.96	‡	0.45	16.335574	4.98	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/American Funds Capital World Bond Fund - Class I - September 25, 2017; JNL/American Funds Global Growth Fund - Class I - September 25, 2017; JNL/American Funds Global Small Capitalization Fund - Class I - September 25, 2017; JNL/American Funds Growth Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

138

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Growth Fund - Class A
12/31/2020	2,879,864	74,096	0.00	33.156174	47.05		3.05	43.502844	51.60		0.00
12/31/2019	1,108,232	42,510	0.00	22.548230	26.40		3.05	28.695777	30.32		0.00
12/31/2018	518,663	25,442	0.00	17.838341	(9.26	)‡	3.05	22.019705	(0.61	)	0.00
12/31/2017	346,118	16,594	0.00	20.580021	26.29		1.25	22.153845	23.68	‡	0.00
12/31/2016	214,677	13,031	0.00	16.295891	7.68		1.25	16.618257	8.11		0.85
JNL/American Funds Growth Fund - Class I
12/31/2020	49,948	1,189	0.00	41.253152	25.68	‡	0.80	42.115705	51.50		0.35
12/31/2019	19,893	718	0.00	27.735761	30.16		0.45	27.798682	30.29		0.35
12/31/2018	9,274	434	0.00	21.308283	(0.78	)	0.45	21.335275	(0.68	)	0.35
12/31/2017+	473	22	0.00	21.474835	7.86	‡	0.45	21.480421	7.89	‡	0.35
JNL/American Funds Growth-Income Fund - Class A
12/31/2020	8,098,565	279,865	0.00	21.930401	8.77		3.90	33.248200	13.10		0.00
12/31/2019	7,349,008	283,739	0.00	20.161626	20.84		3.90	29.397382	25.66		0.00
12/31/2018	5,780,078	277,013	0.00	16.683895	(7.95	)‡	3.90	23.395262	(2.16	)	0.00
12/31/2017	5,536,129	256,527	0.00	18.771879	18.09		3.16	23.911570	18.56	‡	0.00
12/31/2016	3,816,911	213,016	0.00	15.895703	7.64		3.16	19.232406	3.61	‡	0.30
JNL/American Funds Growth-Income Fund - Class I
12/31/2020	83,624	2,513	0.00	31.290715	12.55		0.80	33.691440	13.06		0.35
12/31/2019	52,427	1,785	0.00	27.800682	11.45	‡	0.80	29.799180	25.59		0.35
12/31/2018	24,204	1,028	0.00	23.697047	(2.31	)	0.45	23.727091	(2.21	)	0.35
12/31/2017+	989	41	0.00	24.257930	6.42	‡	0.45	24.264275	6.45	‡	0.35
JNL/American Funds International Fund - Class A
12/31/2020	1,830,899	105,878	0.00	13.898067	9.80		3.36	19.886524	13.56		0.00
12/31/2019	1,826,377	118,439	0.00	12.657059	18.40		3.36	17.512356	22.45		0.00
12/31/2018	1,632,856	128,183	0.86	10.689689	(16.40	)	3.36	14.301571	(13.53	)	0.00
12/31/2017	1,920,571	128,828	0.71	12.787425	27.30		3.36	16.539752	26.87	‡	0.00
12/31/2016	1,038,031	90,574	0.00	10.045415	(0.30	)	3.36	12.316849	(4.24	)‡	0.30
JNL/American Funds International Fund - Class I
12/31/2020	13,517	675	0.00	18.744941	20.93	‡	0.80	20.183268	13.53		0.35
12/31/2019	9,845	558	0.00	17.737167	22.26		0.45	17.777404	22.38		0.35
12/31/2018	6,464	447	1.70	14.507614	(13.61	)	0.45	14.525984	(13.53	)	0.35
12/31/2017+	195	12	0.00	16.794047	5.33	‡	0.45	16.798415	5.36	‡	0.35
JNL/American Funds Moderate Growth Allocation Fund - Class A
12/31/2020	2,668,914	145,159	0.00	11.737335	9.94		6.50	20.627715	17.32		0.00
12/31/2019	2,294,071	144,592	0.00	10.676599	4.28	‡	6.50	17.582565	18.65		0.00
12/31/2018	2,009,615	148,503	0.00	10.473274	(9.15	)‡	5.20	14.818991	(4.57	)	0.00
12/31/2017	2,097,975	146,166	0.00	12.448215	4.60	‡	3.90	15.528143	10.05	‡	0.00
12/31/2016	1,618,553	128,864	0.00	11.615744	4.08		3.10	13.235364	(0.16	)‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/American Funds Growth Fund - Class I - September 25, 2017; JNL/American Funds Growth-Income Fund - Class I - September 25, 2017; JNL/American Funds International Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

139

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/American Funds Moderate Growth Allocation Fund - Class I
12/31/2020	19,610	997	0.00	19.688522	17.14		0.45	19.752929	17.26		0.35
12/31/2019	15,405	918	0.00	16.807751	18.46		0.45	16.845881	18.58		0.35
12/31/2018	7,935	558	0.00	14.188949	(4.72	)	0.45	14.206917	(4.63	)	0.35
12/31/2017+	568	38	0.00	14.892546	3.71	‡	0.45	14.896423	3.74	‡	0.35
JNL/American Funds New World Fund - Class A
12/31/2020	1,553,489	87,280	0.00	13.557712	18.35		3.90	20.554981	23.06	‡	0.00
12/31/2019	1,390,052	94,944	0.00	11.455749	23.76		3.90	16.304921	28.37		0.25
12/31/2018	1,148,077	99,662	0.54	9.256347	(5.00	)‡	3.90	12.701995	(14.63	)	0.25
12/31/2017	1,342,595	98,563	0.32	11.906634	24.89		3.16	14.878559	8.69	‡	0.25
12/31/2016	861,365	80,462	0.00	9.533344	1.66		3.16	11.534215	(3.66	)‡	0.30
JNL/American Funds New World Fund - Class I
12/31/2020	20,083	975	0.00	19.366640	19.66	‡	0.80	20.852618	23.01		0.35
12/31/2019	12,214	728	0.00	16.913557	28.42		0.45	16.952068	28.55		0.35
12/31/2018	6,165	471	1.22	13.170329	(14.49	)	0.45	13.187043	(14.40	)	0.35
12/31/2017+	218	14	0.00	15.401597	5.36	‡	0.45	15.405644	5.38	‡	0.35
JNL/AQR Large Cap Defensive Style Fund - Class A
12/31/2020	51,336	4,376	0.00	11.479776	8.80		2.70	11.959988	11.78		0.00
12/31/2019+	34,342	3,231	0.00	10.550987	4.41	‡	2.70	10.700000	7.00	‡	0.00
JNL/AQR Large Cap Defensive Style Fund - Class I
12/31/2020	1,642	138	0.00	11.928123	11.63		0.45	11.946258	11.75		0.35
12/31/2019+	570	53	0.00	10.684961	6.85	‡	0.45	10.690511	6.91	‡	0.35
JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A
12/31/2020	265,078	13,473	0.00	15.497623	7.95		3.06	23.754567	11.30		0.00
12/31/2019	283,684	15,837	0.00	14.356730	22.14		3.06	21.342620	25.94		0.00
12/31/2018	271,715	18,892	0.42	11.754242	(15.99	)	3.06	16.947132	(13.36	)	0.00
12/31/2017	370,897	22,091	0.61	13.990760	19.29		3.06	19.560509	21.01	‡	0.00
12/31/2016	315,244	22,799	0.30	11.728742	4.69		3.06	15.438076	3.73	‡	0.30
JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I
12/31/2020	979	41	0.00	24.161264	11.10		0.45	24.240611	11.22		0.35
12/31/2019	1,211	56	0.00	21.746387	25.82		0.45	21.795932	25.94		0.35
12/31/2018	622	36	1.28	17.284229	(13.50	)	0.45	17.306295	(13.41	)	0.35
12/31/2017+	6	0	0.00	19.980888	7.35	‡	0.45	19.986229	7.38	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/American Funds Moderate Growth Allocation Fund - Class I - September 25, 2017; JNL/American Funds New World Fund - Class I - September 25, 2017; JNL/AQR Large Cap Defensive Style Fund - Class A - June 24, 2019; JNL/AQR Large Cap Defensive Style Fund - Class I - June 24, 2019; JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

140

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/AQR Managed Futures Strategy Fund - Class A
12/31/2020	68,461	7,883	0.00	7.378358	(4.68	)	2.80	9.579560	(1.97	)	0.00
12/31/2019	84,499	9,437	0.00	7.740259	(2.63	)	2.80	9.772445	0.13		0.00
12/31/2018	104,657	11,589	0.00	7.949189	(11.83	)	2.80	9.759590	(9.32	)	0.00
12/31/2017	145,477	14,457	0.00	9.015957	(4.01	)	2.80	10.762549	(1.88	)‡	0.00
12/31/2016	185,285	18,003	4.14	9.392654	(11.08	)	2.80	10.420726	(9.34	)	0.85
JNL/BlackRock Advantage International Fund - Class A
12/31/2020	12,956	1,168	0.43	10.926852	2.83	‡	2.25	11.307693	6.82		0.00
12/31/2019+	3,205	305	1.51	10.486693	6.11	‡	1.80	10.585402	5.85	‡	0.00
JNL/BlackRock Advantage International Fund - Class I
12/31/2020	592	52	0.80	11.288083	6.71		0.45	11.303814	6.81		0.35
12/31/2019+	159	15	3.03	10.578704	5.79	‡	0.45	10.582856	5.83	‡	0.35
JNL/BlackRock Global Allocation Fund - Class A
12/31/2020	3,536,425	210,915	0.00	12.869740	14.39		3.90	19.178841	18.94		0.00
12/31/2019	3,409,303	238,754	0.00	11.250996	13.20		3.90	16.125194	17.71		0.00
12/31/2018	3,293,387	268,415	0.69	9.938780	(4.30	)‡	3.90	13.699178	(7.62	)	0.00
12/31/2017	3,844,119	285,859	1.58	11.428135	9.81		3.61	14.829182	12.14	‡	0.00
12/31/2016	3,534,757	295,537	0.39	10.407336	0.29		3.61	12.786784	(0.40	)‡	0.30
JNL/BlackRock Global Allocation Fund - Class I
12/31/2020	19,084	1,011	0.00	19.341129	18.70		0.45	19.404352	18.81		0.35
12/31/2019	14,738	928	0.00	16.294753	17.55		0.45	16.331691	17.67		0.35
12/31/2018	9,598	697	1.34	13.862158	(7.75	)	0.45	13.879703	(7.66	)	0.35
12/31/2017+	248	16	0.00	15.027185	2.79	‡	0.45	15.031095	2.82	‡	0.35
JNL/BlackRock Global Natural Resources Fund - Class A
12/31/2020	634,835	78,502	0.00	5.751640	0.46	‡	3.75	9.712337	4.29		0.00
12/31/2019	601,724	77,001	0.00	5.769469	10.62		3.70	9.312416	14.79		0.00
12/31/2018	589,692	85,587	1.88	5.215361	(20.28	)	3.70	8.112580	(17.27	)	0.00
12/31/2017	813,980	96,639	0.92	6.542455	(6.41	)	3.70	9.805729	(3.22	)‡	0.00
12/31/2016	947,422	107,968	0.79	6.990883	21.95		3.70	9.802230	8.75	‡	0.30
JNL/BlackRock Global Natural Resources Fund - Class I
12/31/2020	2,447	263	0.00	9.403310	4.14		0.45	9.535539	4.25		0.35
12/31/2019	3,030	339	0.00	9.029320	14.57		0.45	9.147146	14.68		0.35
12/31/2018+	614	78	1.64	7.881252	(13.53	)‡	0.45	7.976123	(14.81	)‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/BlackRock Advantage International Fund - Class A - June 24, 2019; JNL/BlackRock Advantage International Fund - Class I - June 24, 2019; JNL/BlackRock Global Allocation Fund - Class I - September 25, 2017; JNL/BlackRock Global Natural Resources Fund - Class I - August 13, 2018.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

141

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/BlackRock Large Cap Select Growth Fund - Class A
12/31/2020	3,903,352	38,276	0.00	53.217372	33.13		3.90	144.697801	41.12	‡	0.00
12/31/2019	2,839,944	38,242	0.00	39.973551	27.24		3.90	98.282505	31.97		0.25
12/31/2018	2,165,263	38,219	0.00	31.415050	(7.88	)‡	3.90	74.473249	1.63		0.25
12/31/2017	1,884,011	33,596	0.00	34.250500	28.90		3.61	73.279496	8.09	‡	0.25
12/31/2016	1,379,406	32,554	0.00	26.572344	(3.10	)	3.61	54.396231	(2.40	)‡	0.30
JNL/BlackRock Large Cap Select Growth Fund - Class I
12/31/2020	39,167	265	0.00	127.301307	22.78	‡	0.75	152.549247	38.36		0.35
12/31/2019	19,637	183	0.00	110.002923	32.14		0.45	110.252393	32.27		0.35
12/31/2018	8,660	105	0.00	83.249803	1.73		0.45	83.355224	1.83		0.35
12/31/2017+	163	2	0.00	81.834077	9.47	‡	0.45	81.855404	9.50	‡	0.35
JNL/Boston Partners Global Long Short Equity Fund - Class A
12/31/2020	37,722	3,728	0.00	9.478347	(2.42	)	2.15	10.852290	(0.29	)	0.00
12/31/2019	39,688	3,871	0.00	9.712916	1.10	‡	2.15	10.884371	4.84		0.00
12/31/2018	34,144	3,438	0.00	9.609302	(8.89	)‡	1.80	10.381855	(9.51	)	0.00
12/31/2017	36,505	3,289	0.00	11.011255	6.35		1.25	11.473191	7.16	‡	0.00
12/31/2016	32,091	3,084	0.00	10.353717	0.69		1.25	10.448999	1.10		0.85
JNL/Boston Partners Global Long Short Equity Fund - Class I
12/31/2020	827	79	0.00	10.429052	(0.45	)	0.45	10.463213	(0.35	)	0.35
12/31/2019	455	43	0.00	10.476093	4.65		0.45	10.499897	4.76		0.35
12/31/2018	243	24	0.00	10.010504	(9.63	)	0.45	10.023220	(9.54	)	0.35
12/31/2017+	4	0	0.00	11.077298	3.82	‡	0.45	11.080267	3.85	‡	0.35
JNL/Causeway International Value Select Fund - Class A
12/31/2020	454,045	27,603	4.68	9.174631	1.83		3.91	22.408446	5.89		0.00
12/31/2019	463,206	29,491	2.89	9.009448	14.41		3.91	21.161144	18.97		0.00
12/31/2018	417,372	31,252	1.59	7.874573	(20.69	)	3.91	17.786332	(17.51	)	0.00
12/31/2017	499,529	30,538	1.08	9.928957	23.55		3.91	21.561951	23.61	‡	0.00
12/31/2016	422,224	32,999	1.19	8.036131	(3.82	)	3.91	15.864112	(0.15	)‡	0.30
JNL/Causeway International Value Select Fund - Class I
12/31/2020	3,753	164	5.53	23.208800	5.75		0.45	23.284753	5.86		0.35
12/31/2019	2,138	99	3.45	21.946091	18.76		0.45	21.995888	18.88		0.35
12/31/2018	1,416	77	3.03	18.479294	(17.63	)	0.45	18.502707	(17.55	)	0.35
12/31/2017+	176	8	0.00	22.435106	6.08	‡	0.45	22.440956	6.11	‡	0.35
JNL/ClearBridge Large Cap Growth Fund - Class A
12/31/2020	425,031	23,770	0.00	16.843503	26.59		3.05	18.608201	30.50		0.00
12/31/2019	286,978	20,684	0.00	13.306031	27.70		3.05	14.258624	31.66		0.00
12/31/2018	112,483	10,560	0.00	10.419656	(2.58	)‡	3.05	10.829992	(0.18	)	0.00
12/31/2017+	22,064	2,041	0.00	10.781165	3.37	‡	2.45	10.849989	8.50	‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/BlackRock Large Cap Select Growth Fund - Class I - September 25, 2017; JNL/Boston Partners Global Long Short Equity Fund - Class I - September 25, 2017; JNL/Causeway International Value Select Fund - Class I - September 25, 2017; JNL/ClearBridge Large Cap Growth Fund - Class A - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

142

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/ClearBridge Large Cap Growth Fund - Class I
12/31/2020	17,294	934	0.00	18.506020	30.37		0.45	18.566585	30.50		0.35
12/31/2019	8,308	585	0.00	14.194528	31.33		0.45	14.226744	31.46		0.35
12/31/2018	2,427	225	0.00	10.808258	(0.27	)	0.45	10.821961	(0.17	)	0.35
12/31/2017+	24	2	0.00	10.837300	8.37	‡	0.45	10.840126	8.40	‡	0.35
JNL/DFA Growth Allocation Fund - Class A
12/31/2020	236,981	18,636	1.44	12.208900	7.97		2.40	13.336239	10.59		0.00
12/31/2019	200,027	17,175	1.34	11.307603	18.58	‡	2.40	12.059397	21.46		0.00
12/31/2018	148,559	15,299	0.00	9.525207	(15.51	)‡	2.46	9.929003	(10.24	)‡	0.00
12/31/2017+	77,932	7,077	5.69	10.932158	5.46	‡	2.40	11.089521	8.80	‡	0.30
JNL/DFA Growth Allocation Fund - Class I
12/31/2020	6,281	469	1.61	13.406775	10.42		0.45	13.450514	10.53		0.35
12/31/2019	4,874	401	1.74	12.141434	21.30		0.45	12.168872	21.42		0.35
12/31/2018	2,700	270	0.00	10.009401	(10.78	)	0.45	10.021998	(10.69	)	0.35
12/31/2017+	76	7	17.33	11.218401	5.14	‡	0.45	11.221235	5.17	‡	0.35
JNL/DFA International Core Equity Fund - Class A
12/31/2020	33,746	2,969	0.86	11.226513	32.92	‡	2.00	11.573397	6.96		0.00
12/31/2019+	8,695	809	0.00	10.716154	6.53	‡	1.85	10.819999	8.20	‡	0.00
JNL/DFA International Core Equity Fund - Class I
12/31/2020	2,633	228	0.93	11.557318	6.87		0.45	11.574890	6.97		0.35
12/31/2019+	232	21	0.00	10.814660	8.15	‡	0.45	10.820274	8.20	‡	0.35
JNL/DFA Moderate Growth Allocation Fund - Class A
12/31/2020	201,786	16,182	1.46	11.972546	7.54		2.40	13.078105	10.15		0.00
12/31/2019	157,129	13,703	1.57	11.132859	15.59	‡	2.40	11.873067	18.40		0.00
12/31/2018	114,807	11,699	0.00	9.598571	(12.47	)‡	2.60	10.028314	(7.93	)	0.00
12/31/2017+	58,769	5,443	4.75	10.715236	3.33	‡	2.40	10.891709	5.16	‡	0.00
JNL/DFA Moderate Growth Allocation Fund - Class I
12/31/2020	6,618	508	1.70	13.151213	10.04		0.45	13.194690	10.15		0.35
12/31/2019	5,555	470	1.82	11.951012	18.23		0.45	11.978540	18.35		0.35
12/31/2018	3,759	373	0.00	10.108204	(7.96	)	0.45	10.121364	(7.87	)	0.35
12/31/2017+	174	16	8.10	10.982874	4.00	‡	0.45	10.986113	4.04	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/ClearBridge Large Cap Growth Fund - Class I - September 25, 2017; JNL/DFA Growth Allocation Fund - Class A - April 24, 2017; JNL/DFA Growth Allocation Fund - Class I - September 25, 2017; JNL/DFA International Core Equity Fund - Class A - June 24, 2019; JNL/DFA International Core Equity Fund - Class I - June 24, 2019; JNL/DFA Moderate Growth Allocation Fund - Class A - April 24, 2017; JNL/DFA Moderate Growth Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

143

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/DFA U.S. Core Equity Fund - Class A
12/31/2020	1,148,587	24,719	0.00	28.014848	11.98		3.40	63.993818	15.85		0.00
12/31/2019	1,167,572	28,782	0.00	25.017909	25.21		3.40	55.237493	29.55		0.00
12/31/2018	910,823	28,744	0.92	19.980001	(10.85	)	3.40	42.639585	(7.75	)	0.00
12/31/2017	1,058,067	30,538	0.90	22.412758	16.22		3.40	46.223742	18.81	‡	0.00
12/31/2016	827,642	28,485	1.05	19.285120	10.22		3.40	36.181661	5.79	‡	0.30
JNL/DFA U.S. Core Equity Fund - Class I
12/31/2020	13,040	199	0.00	66.586539	15.78		0.45	66.804369	15.90		0.35
12/31/2019	8,425	148	0.00	57.510509	29.41		0.45	57.640981	29.54		0.35
12/31/2018	3,683	83	1.80	44.440993	(7.87	)	0.45	44.497293	(7.78	)	0.35
12/31/2017+	126	3	0.00	48.239718	8.23	‡	0.45	48.252304	8.26	‡	0.35
JNL/DFA U.S. Small Cap Fund - Class A
12/31/2020	190,995	9,046	0.00	18.498659	10.04		2.80	23.346254	13.18		0.00
12/31/2019	142,660	7,541	0.51	16.810219	18.02		2.80	20.627519	21.36		0.00
12/31/2018	73,219	4,616	0.39	14.243568	(22.49	)‡	2.80	16.996939	(13.68	)	0.00
12/31/2017	63,093	3,381	0.20	18.427475	8.79		1.25	19.690147	12.47	‡	0.00
12/31/2016	53,987	3,156	0.17	16.938705	25.18		1.25	17.232586	25.68		0.85
JNL/DFA U.S. Small Cap Fund - Class I
12/31/2020	6,908	541	0.00	12.201628	13.03		0.45	12.241535	13.15		0.35
12/31/2019	4,925	412	1.20	10.794735	21.26		0.45	10.819226	21.38		0.35
12/31/2018	1,940	207	1.10	8.902487	(13.76	)	0.45	8.913764	(13.67	)	0.35
12/31/2017+	54	5	0.00	10.322832	6.42	‡	0.45	10.325522	6.45	‡	0.35
JNL/DoubleLine Core Fixed Income Fund - Class A
12/31/2020	2,472,209	108,253	0.00	12.718398	1.06		3.91	31.064749	5.09		0.00
12/31/2019	2,591,296	117,922	2.66	12.585315	3.68		3.91	29.560896	7.81		0.00
12/31/2018	2,581,224	125,685	0.99	12.138892	(4.28	)	3.91	27.418873	(0.45	)	0.00
12/31/2017	2,960,292	142,287	0.34	12.682311	1.36		3.91	27.541909	4.97	‡	0.00
12/31/2016	2,956,842	148,501	0.39	12.511980	(1.20	)	3.91	24.700487	(2.23	)‡	0.30
JNL/DoubleLine Core Fixed Income Fund - Class I
12/31/2020	21,761	698	0.00	32.136584	4.86		0.45	32.241705	4.97		0.35
12/31/2019	13,754	464	4.10	30.645925	7.75		0.45	30.715423	7.85		0.35
12/31/2018	3,757	135	1.85	28.442890	(0.62	)	0.45	28.478913	(0.52	)	0.35
12/31/2017+	175	6	0.00	28.619365	(0.05	)‡	0.45	28.626817	(0.02	)‡	0.35
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A
12/31/2020	145,977	12,354	0.00	11.003598	0.15		2.80	12.552573	3.02		0.00
12/31/2019	45,279	3,901	0.00	10.986884	1.30	‡	2.80	12.185006	11.38		0.00
12/31/2018	12,567	1,183	0.00	10.451636	(0.57	)‡	1.70	10.939749	(2.81	)	0.00
12/31/2017	11,019	996	0.76	11.021355	5.97		1.25	11.255482	6.59	‡	0.00
12/31/2016+	3,342	321	0.00	10.400647	4.02	‡	1.25	10.429456	(0.46	)‡	0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/DFA U.S. Core Equity Fund - Class I - September 25, 2017; JNL/DFA U.S. Small Cap Fund - Class I - September 25, 2017; JNL/DoubleLine Core Fixed Income Fund - Class I - September 25, 2017; JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A - April 25, 2016.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

144

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I
12/31/2020	2,539	206	0.00	12.339518	2.88		0.45	12.380149	2.98		0.35
12/31/2019	1,628	136	0.00	11.994598	11.17		0.45	12.021794	11.28		0.35
12/31/2018	837	78	3.09	10.789105	(2.95	)	0.45	10.802760	(2.85	)	0.35
12/31/2017+	78	7	0.00	11.116973	(0.30	)‡	0.45	11.119857	(0.27	)‡	0.35
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A
12/31/2020	1,489,202	68,365	0.00	19.880221	11.72		3.05	23.339842	15.18		0.00
12/31/2019	1,411,536	73,675	0.00	17.794401	2.79	‡	3.05	20.263668	33.66		0.00
12/31/2018	802,439	55,237	0.87	13.836417	(7.16	)	2.80	15.161134	(4.51	)	0.00
12/31/2017	640,519	41,550	0.00	14.903122	8.26	‡	2.80	15.877030	18.56	‡	0.00
12/31/2016	82,510	6,398	1.12	12.863325	17.42		1.25	12.928054	17.89		0.85
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I
12/31/2020	22,808	1,036	0.00	21.883987	15.01		0.45	21.955534	15.12		0.35
12/31/2019	14,825	773	0.00	19.028085	33.48		0.45	19.071215	33.62		0.35
12/31/2018	5,363	374	1.60	14.255215	(4.66	)	0.45	14.273249	(4.57	)	0.35
12/31/2017+	353	24	0.00	14.952499	6.35	‡	0.45	14.956371	6.38	‡	0.35
JNL/DoubleLine Total Return Fund - Class A
12/31/2020	955,655	82,492	0.00	9.550158	(1.27	)	3.90	12.694279	2.66		0.00
12/31/2019	1,012,628	88,653	0.00	9.672524	1.57		3.90	12.365122	5.62		0.00
12/31/2018	861,074	78,694	3.36	9.522893	1.41	‡	3.90	11.706816	1.80		0.00
12/31/2017	788,991	72,484	2.75	10.198417	1.21		2.80	11.499456	4.06	‡	0.00
12/31/2016	707,919	66,862	1.78	10.076469	(0.78	)	2.80	10.960333	(1.88	)‡	0.25
JNL/DoubleLine Total Return Fund - Class I
12/31/2020	12,877	1,069	0.00	11.910367	2.46		0.45	11.949322	2.56		0.35
12/31/2019	11,643	994	0.00	11.624606	5.53		0.45	11.650971	5.63		0.35
12/31/2018	4,648	417	4.67	11.015679	1.65		0.45	11.029631	1.75		0.35
12/31/2017+	173	16	0.00	10.837304	(0.02	)‡	0.45	10.840120	0.00	‡	0.35
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A
12/31/2020	986,280	33,289	0.00	15.395034	4.25		3.91	41.953632	8.41	‡	0.00
12/31/2019	832,361	30,187	1.76	14.767075	5.04		3.91	35.947446	8.90		0.30
12/31/2018	803,003	31,560	2.54	14.058751	(5.38	)	3.91	33.009608	(1.89	)	0.30
12/31/2017	892,472	34,177	2.01	14.858758	(0.92	)	3.91	33.644288	2.72		0.30
12/31/2016	922,949	36,054	2.51	14.996373	(1.81	)	3.91	32.754982	(2.60	)‡	0.30
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I
12/31/2020	8,116	191	0.00	43.647045	8.17		0.45	43.789685	8.28		0.35
12/31/2019	3,978	100	2.70	40.349576	9.07		0.45	40.441016	9.18		0.35
12/31/2018	1,441	39	4.53	36.994947	(1.74	)	0.45	37.041736	(1.64	)	0.35
12/31/2017+	80	2	0.00	37.649126	(0.37	)‡	0.45	37.658911	(0.34	)‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I - September 25, 2017; JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I - September 25, 2017; JNL/DoubleLine Total Return Fund - Class I - September 25, 2017; JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

145

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/First State Global Infrastructure Fund - Class A
12/31/2020	577,953	34,570	0.00	13.195292	(7.36	)	3.90	18.785796	(3.68	)	0.00
12/31/2019	714,401	40,642	0.00	14.244384	22.06		3.90	19.503643	26.92		0.00
12/31/2018	665,849	47,534	2.99	11.669553	(4.37	)‡	3.90	15.367130	(6.40	)	0.00
12/31/2017	883,807	58,353	1.85	13.614739	6.56		3.10	16.417485	8.64	‡	0.00
12/31/2016	764,545	54,782	2.61	12.776127	9.16		3.10	14.713768	(4.83	)‡	0.30
JNL/First State Global Infrastructure Fund - Class I
12/31/2020	2,413	128	0.00	18.901483	(3.84	)	0.45	18.962893	(3.74	)	0.35
12/31/2019	1,867	95	0.00	19.655704	26.67		0.45	19.699861	26.80		0.35
12/31/2018	882	57	5.25	15.516917	(6.52	)	0.45	15.536225	(6.43	)	0.35
12/31/2017+	77	5	0.00	16.599059	(1.17	)‡	0.45	16.603017	(1.15	)‡	0.35
JNL/Franklin Templeton Global Multisector Bond Fund - Class A
12/31/2020	508,280	47,747	13.90	8.898652	(9.69	)	3.26	11.952922	(6.71	)	0.00
12/31/2019	579,355	50,196	9.19	9.853594	(2.28	)	3.26	12.812706	0.95		0.00
12/31/2018	619,825	53,645	0.00	10.083921	(2.50	)	3.26	12.691622	0.75		0.00
12/31/2017	681,734	58,728	0.00	10.342841	0.26		3.26	12.597693	4.38	‡	0.00
12/31/2016	628,660	55,418	0.03	10.316192	0.49		3.26	11.980707	7.04	‡	0.30
JNL/Franklin Templeton Global Multisector Bond Fund - Class I
12/31/2020	3,588	299	16.18	12.031366	(6.86	)	0.45	11.882160	(6.72	)	0.30
12/31/2019	2,787	216	12.13	12.917240	0.84		0.45	12.737921	(1.87	)‡	0.30
12/31/2018	1,173	92	0.00	12.809889	0.56		0.45	12.826079	0.66		0.35
12/31/2017+	41	3	0.00	12.738250	(1.48	)‡	0.45	12.741522	(1.46	)‡	0.35
JNL/Franklin Templeton Growth Allocation Fund - Class A
12/31/2020	1,096,892	70,129	0.00	11.484545	7.34		3.61	18.357365	11.00		0.25
12/31/2019	1,137,251	79,826	0.00	10.699534	13.53		3.61	16.537429	17.42		0.25
12/31/2018	1,102,525	89,939	0.00	9.424094	(12.68	)	3.61	14.084388	(9.68	)	0.25
12/31/2017	1,390,847	101,475	0.00	10.792200	7.81		3.61	15.593210	1.26	‡	0.25
12/31/2016	1,368,550	110,196	0.00	10.010590	9.42		3.61	13.918624	4.69	‡	0.30
JNL/Franklin Templeton Growth Allocation Fund - Class I
12/31/2020	1,296	76	0.00	16.486509	11.11		0.45	16.539831	11.22		0.35
12/31/2019	1,436	91	0.00	14.838461	17.50		0.45	14.871578	17.62		0.35
12/31/2018	1,031	76	0.00	12.628307	(9.56	)	0.45	12.643849	(9.48	)	0.35
12/31/2017+	5	0	0.00	13.963727	2.45	‡	0.45	13.967268	2.47	‡	0.35
JNL/Franklin Templeton Income Fund - Class A
12/31/2020	1,510,434	88,763	0.00	11.955765	(2.85	)	3.75	20.728542	0.87		0.00
12/31/2019	1,723,947	100,914	0.00	12.306051	11.82		3.75	20.550557	16.09		0.00
12/31/2018	1,607,800	107,924	4.34	11.005706	(7.85	)‡	3.75	17.702638	(4.31	)	0.00
12/31/2017	1,887,729	119,869	3.77	12.213496	6.10		3.56	18.499963	9.06	‡	0.00
12/31/2016	1,826,310	125,988	4.69	11.511714	10.14		3.56	16.299842	3.83	‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/First State Global Infrastructure Fund - Class I - September 25, 2017; JNL/Franklin Templeton Global Multisector Bond Fund - Class I - September 25, 2017; JNL/Franklin Templeton Growth Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

146

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Franklin Templeton Income Fund - Class I
12/31/2020	4,645	221	0.00	21.095526	0.70		0.45	21.164429	0.80		0.35
12/31/2019	3,182	153	0.00	20.949672	15.83		0.45	20.997095	15.94		0.35
12/31/2018	1,211	67	7.33	18.087254	(4.38	)	0.45	18.110077	(4.29	)	0.35
12/31/2017+	79	4	0.00	18.916259	1.75	‡	0.45	18.921115	1.77	‡	0.35
JNL/Franklin Templeton International Small Cap Fund - Class A
12/31/2020	474,411	41,428	1.76	8.179679	(7.04	)	3.90	13.625994	(3.34	)	0.00
12/31/2019	555,347	46,343	0.59	8.799155	13.87		3.90	14.097248	18.39		0.00
12/31/2018	516,457	50,342	2.30	7.727602	(9.67	)‡	3.90	11.906986	(19.78	)	0.00
12/31/2017	697,553	53,909	1.09	10.318035	27.61		3.61	14.842991	29.06	‡	0.00
12/31/2016	467,003	47,179	1.47	8.085778	(4.67	)	3.61	10.919609	(2.41	)‡	0.30
JNL/Franklin Templeton International Small Cap Fund - Class I
12/31/2020	2,981	216	2.49	13.850112	(3.50	)	0.45	13.895413	(3.41	)	0.35
12/31/2019	2,244	157	1.13	14.353108	18.32		0.45	14.385663	18.44		0.35
12/31/2018	1,136	94	3.69	12.130902	(19.91	)	0.45	12.146266	(19.83	)	0.35
12/31/2017+	158	10	0.00	15.147459	4.37	‡	0.45	15.151402	4.40	‡	0.35
JNL/Goldman Sachs 4 Fund - Class A
12/31/2020	5,059,492	183,382	0.00	20.455954	0.81		3.61	32.799370	4.52		0.00
12/31/2019	5,955,743	222,780	0.00	20.291761	20.61		3.61	31.382427	25.04		0.00
12/31/2018	5,447,351	251,816	0.00	16.824895	(9.61	)	3.61	25.098025	(6.27	)	0.00
12/31/2017	6,613,163	283,160	0.00	18.614233	11.30		3.61	26.777350	14.21	‡	0.00
12/31/2016	6,640,845	324,245	0.00	16.724988	6.39		3.61	22.687760	2.97	‡	0.25
JNL/Goldman Sachs 4 Fund - Class I
12/31/2020	16,417	625	0.00	30.241352	4.02		0.80	24.963028	4.49		0.35
12/31/2019	11,173	461	0.00	29.071590	8.73	‡	0.80	23.889796	24.98		0.35
12/31/2018	5,633	288	0.00	19.090936	(6.40	)	0.45	19.115128	(6.30	)	0.35
12/31/2017+	826	40	0.00	20.396082	9.01	‡	0.45	20.401406	9.04	‡	0.35
JNL/Goldman Sachs Competitive Advantage Fund - Class A
12/31/2020	933,082	25,175	0.00	27.570943	14.68		3.61	44.208527	18.90		0.00
12/31/2019	964,055	30,553	1.28	24.041266	24.78		3.61	37.182019	29.36		0.00
12/31/2018	851,582	34,523	0.85	19.267464	(6.16	)	3.61	28.743076	(2.69	)	0.00
12/31/2017	1,019,414	39,757	1.31	20.532986	15.43		3.61	29.539066	17.46	‡	0.00
12/31/2016	1,026,739	47,314	0.99	17.787709	1.96		3.61	24.022892	5.47	‡	0.30
JNL/Goldman Sachs Competitive Advantage Fund - Class I
12/31/2020	3,911	88	0.00	44.767784	18.76		0.45	44.914159	18.88		0.35
12/31/2019	2,625	70	2.17	37.696114	29.16		0.45	37.781638	29.29		0.35
12/31/2018	2,934	101	2.06	29.186057	(2.80	)	0.45	29.223032	(2.70	)	0.35
12/31/2017+	9	0	0.00	30.027293	13.23	‡	0.45	30.035128	13.26	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Franklin Templeton Income Fund - Class I - September 25, 2017; JNL/Franklin Templeton International Small Cap Fund - Class I - September 25, 2017; JNL/Goldman Sachs 4 Fund - Class I - September 25, 2017; JNL/Goldman Sachs Competitive Advantage Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

147

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Goldman Sachs Dividend Income & Growth Fund - Class A
12/31/2020	2,719,187	104,996	0.00	18.890522	(7.08	)	3.75	30.847503	(3.53	)	0.00
12/31/2019	3,344,086	123,017	3.50	20.330902	22.93		3.75	31.977602	27.63		0.00
12/31/2018	2,779,742	129,121	2.91	16.538242	(8.81	)‡	3.75	25.054786	(5.31	)	0.00
12/31/2017	3,380,008	146,995	2.64	18.577935	8.12		3.51	26.459019	11.68	‡	0.00
12/31/2016	3,658,769	176,161	2.58	17.183103	13.68		3.51	22.997104	2.76	‡	0.30
JNL/Goldman Sachs Dividend Income & Growth Fund - Class I
12/31/2020	15,868	511	0.00	31.327596	(3.72	)	0.45	31.430050	(3.62	)	0.35
12/31/2019	12,012	372	4.64	32.536696	27.46		0.45	32.610471	27.59		0.35
12/31/2018	5,208	206	5.57	25.526025	(5.47	)	0.45	25.558337	(5.37	)	0.35
12/31/2017+	202	7	0.00	27.002540	5.89	‡	0.45	27.009556	5.92	‡	0.35
JNL/Goldman Sachs International 5 Fund - Class A
12/31/2020	54,443	4,439	0.00	11.217021	(3.34	)	2.55	13.170198	(0.86	)	0.00
12/31/2019	57,395	4,583	2.93	11.604284	6.50	‡	2.55	13.284064	17.82		0.00
12/31/2018	40,774	3,786	5.37	10.370634	(9.72	)‡	1.95	11.274424	(15.48	)	0.00
12/31/2017	43,563	3,376	10.75	12.803061	31.44		1.25	13.340088	28.52	‡	0.00
12/31/2016	23,926	2,444	4.20	9.740329	6.93		1.25	9.829923	7.36		0.85
JNL/Goldman Sachs International 5 Fund - Class I
12/31/2020	1,397	123	0.00	11.328702	(1.02	)	0.45	11.365637	(0.92	)	0.35
12/31/2019	1,539	134	3.72	11.445135	17.58		0.45	11.470978	17.70		0.35
12/31/2018	723	74	11.74	9.733516	(15.48	)	0.45	9.745746	(15.40	)	0.35
12/31/2017+	—	—	0.00	11.516503	5.46	‡	0.45	11.519506	5.49	‡	0.35
JNL/Goldman Sachs Intrinsic Value Fund - Class A
12/31/2020	599,314	23,449	0.00	19.013607	(2.93	)	3.61	30.487756	0.64		0.00
12/31/2019	723,232	28,128	2.32	19.586651	16.95		3.61	30.293021	21.25		0.00
12/31/2018	670,705	31,261	1.52	16.747460	(9.17	)	3.61	24.984642	(5.82	)	0.00
12/31/2017	774,041	33,575	2.54	18.438913	14.71		3.61	26.527492	16.16	‡	0.00
12/31/2016	788,429	40,173	2.54	16.073978	1.55		3.61	21.709498	1.01	‡	0.30
JNL/Goldman Sachs Intrinsic Value Fund - Class I
12/31/2020	4,002	130	0.00	31.076123	0.53		0.45	31.177807	0.63		0.35
12/31/2019	3,551	116	3.35	30.912999	21.02		0.45	30.983149	21.15		0.35
12/31/2018	3,513	138	3.49	25.542801	(5.96	)	0.45	25.575175	(5.86	)	0.35
12/31/2017+	—	—	0.00	27.160297	9.65	‡	0.45	27.167370	9.68	‡	0.35
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A
12/31/2020	2,362,131	66,279	0.00	20.769575	15.68		3.75	46.028673	19.80		0.25
12/31/2019	2,152,146	71,619	0.00	17.954577	22.12		3.75	38.421561	26.47		0.25
12/31/2018	1,853,862	77,564	0.00	14.702517	(10.16	)	3.75	30.379663	(6.94	)	0.25
12/31/2017	2,070,473	79,921	0.00	16.365397	18.73		3.75	32.646273	1.53	‡	0.25
12/31/2016	1,687,676	79,458	0.00	13.783991	2.11		3.75	26.309910	1.21	‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Goldman Sachs Dividend Income & Growth Fund - Class I - September 25, 2017; JNL/Goldman Sachs International 5 Fund - Class I - September 25, 2017; JNL/Goldman Sachs Intrinsic Value Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

148

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I
12/31/2020	11,611	365	0.00	31.395268	19.91		0.45	31.497906	20.03		0.35
12/31/2019	10,669	387	0.00	26.181736	26.59		0.45	26.241077	26.72		0.35
12/31/2018	4,971	237	0.00	20.681899	(6.86	)	0.45	20.708058	(6.76	)	0.35
12/31/2017+	54	2	0.00	22.204014	6.29	‡	0.45	22.209763	6.32	‡	0.35
JNL/Goldman Sachs Managed Conservative Fund - Class A
12/31/2020	1,126,755	68,293	0.00	11.329422	4.84		3.70	19.824531	8.52		0.25
12/31/2019	1,103,850	71,857	0.00	10.805918	7.03		3.70	18.268163	10.78		0.25
12/31/2018	1,114,769	79,899	0.00	10.096043	(5.87	)	3.70	16.490040	(1.30	)‡	0.25
12/31/2017	1,354,151	93,796	0.00	10.725978	2.98		3.70	16.812445	6.53		0.30
12/31/2016	1,446,989	105,843	0.00	10.415449	1.22		3.70	15.782199	0.32	‡	0.30
JNL/Goldman Sachs Managed Conservative Fund - Class I
12/31/2020	1,976	126	0.00	15.717266	8.61		0.45	15.768739	8.72		0.35
12/31/2019	2,083	144	0.00	14.471648	10.85		0.45	14.504527	10.96		0.35
12/31/2018	564	43	0.00	13.055386	(2.68	)	0.45	13.071972	(2.58	)	0.35
12/31/2017+	—	—	0.00	13.414282	1.16	‡	0.45	13.417774	1.19	‡	0.35
JNL/Goldman Sachs Managed Growth Fund - Class A
12/31/2020	5,235,495	153,385	0.00	19.702594	14.29		3.80	44.162671	18.42		0.25
12/31/2019	5,060,005	173,818	0.00	17.239658	19.77		3.80	37.294263	24.10		0.25
12/31/2018	4,556,169	192,724	0.00	14.394084	(9.46	)	3.80	30.052397	(6.17	)	0.25
12/31/2017	5,274,869	207,662	0.00	15.898892	16.55		3.80	32.030139	6.77	‡	0.25
12/31/2016	4,668,928	220,001	0.00	13.641164	1.98		3.80	26.281885	1.15	‡	0.30
JNL/Goldman Sachs Managed Growth Fund - Class I
12/31/2020	14,269	505	0.00	26.064640	18.50		0.45	26.149409	18.62		0.35
12/31/2019	8,148	362	0.00	21.995024	24.20		0.45	22.044505	24.33		0.35
12/31/2018	4,424	250	0.00	17.709187	(6.04	)	0.45	17.731283	(5.95	)	0.35
12/31/2017+	245	13	0.00	18.848273	5.77	‡	0.45	18.852821	5.80	‡	0.35
JNL/Goldman Sachs Managed Moderate Fund - Class A
12/31/2020	2,619,723	129,169	0.00	13.945120	8.25		3.70	24.205400	11.99		0.30
12/31/2019	2,650,994	144,879	0.00	12.882339	10.73		3.70	21.614229	14.55		0.30
12/31/2018	2,604,499	161,636	0.00	11.633900	(6.96	)	3.70	18.868818	(3.73	)	0.30
12/31/2017	3,023,012	179,028	0.00	12.503764	7.15		3.70	19.599012	10.84		0.30
12/31/2016	2,985,773	194,214	0.00	11.669931	1.73		3.70	17.683018	1.08	‡	0.30
JNL/Goldman Sachs Managed Moderate Fund - Class I
12/31/2020	4,289	209	0.00	19.136701	12.20		0.45	19.199283	12.32		0.35
12/31/2019	3,285	167	0.00	17.055228	14.73		0.45	17.093893	14.85		0.35
12/31/2018	2,457	165	0.00	14.865097	(3.61	)	0.45	14.883909	(3.51	)	0.35
12/31/2017+	112	7	0.00	15.421922	2.61	‡	0.45	15.425942	2.63	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I - September 25, 2017; JNL/Goldman Sachs Managed Conservative Fund - Class I - September 25, 2017; JNL/Goldman Sachs Managed Growth Fund - Class I - September 25, 2017; JNL/Goldman Sachs Managed Moderate Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

149

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Goldman Sachs Managed Moderate Growth Fund - Class A
12/31/2020	5,342,095	186,063	0.00	13.207512	10.09		4.80	37.175112	15.21		0.25
12/31/2019	5,311,356	210,974	0.00	11.997300	6.80	‡	4.80	32.266611	18.83		0.25
12/31/2018	5,059,942	236,891	0.00	12.452209	(8.66	)	4.01	27.154202	(2.87	)‡	0.25
12/31/2017	5,895,637	259,603	0.00	13.633007	11.46		4.01	28.349262	15.66		0.30
12/31/2016	5,588,111	282,437	0.00	12.231575	1.45		4.01	24.511393	1.12	‡	0.30
JNL/Goldman Sachs Managed Moderate Growth Fund - Class I
12/31/2020	5,498	212	0.00	22.851709	15.37		0.45	22.926431	15.49		0.35
12/31/2019	5,782	244	0.00	19.807035	18.93		0.45	19.851939	19.05		0.35
12/31/2018	7,487	343	0.00	16.654879	(5.04	)	0.45	16.675961	(4.95	)	0.35
12/31/2017+	845	48	0.00	17.539458	4.15	‡	0.45	17.544013	4.18	‡	0.35
JNL/Goldman Sachs Total Yield Fund - Class A
12/31/2020	340,890	15,364	0.00	16.496023	(1.29	)	3.61	26.450468	2.34		0.00
12/31/2019	390,634	17,791	2.08	16.711462	17.76		3.61	25.845776	22.08		0.00
12/31/2018	371,365	20,395	1.21	14.191453	(14.32	)	3.61	21.171042	(11.15	)	0.00
12/31/2017	491,375	23,711	2.02	16.562745	7.10		3.61	23.827744	11.36	‡	0.00
12/31/2016	562,315	29,782	1.88	15.465357	8.64		3.61	20.886739	5.35	‡	0.30
JNL/Goldman Sachs Total Yield Fund - Class I
12/31/2020	1,398	53	0.00	26.816237	2.24		0.45	26.903993	2.35		0.35
12/31/2019	792	30	3.00	26.227778	21.85		0.45	26.287290	21.98		0.35
12/31/2018	453	21	3.07	21.524044	(11.34	)	0.45	21.551322	(11.25	)	0.35
12/31/2017+	20	1	0.00	24.275959	7.35	‡	0.45	24.282269	7.38	‡	0.35
JNL/GQG Emerging Markets Equity Fund - Class A
12/31/2020	211,657	15,332	0.00	13.150990	29.45		2.80	14.410987	33.12		0.00
12/31/2019	77,123	7,341	0.65	10.159250	17.74		2.80	10.825815	21.09		0.00
12/31/2018	17,663	2,007	0.00	8.628735	(6.64	)‡	2.80	8.940022	(14.94	)	0.00
12/31/2017+	3,024	288	0.00	10.475863	5.40	‡	1.25	10.509988	5.10	‡	0.00
JNL/GQG Emerging Markets Equity Fund - Class I
12/31/2020	8,210	572	0.00	14.343753	32.95		0.45	14.390644	33.08		0.35
12/31/2019	3,198	296	0.56	10.788934	20.83		0.45	10.813376	20.95		0.35
12/31/2018	1,710	192	0.00	8.928992	(15.02	)	0.45	8.940297	(14.94	)	0.35
12/31/2017+	134	13	0.00	10.507680	5.08	‡	0.45	10.510419	5.10	‡	0.35
JNL/Harris Oakmark Global Equity Fund - Class A
12/31/2020	395,825	31,022	3.28	11.745759	8.29		2.70	13.693337	11.25		0.00
12/31/2019	427,770	36,840	1.52	10.846779	24.24		2.70	12.308644	27.64		0.00
12/31/2018	384,351	41,708	0.66	8.730497	(19.57	)‡	2.70	9.643134	(21.22	)	0.00
12/31/2017	539,690	45,568	0.05	11.417604	1.40	‡	2.60	12.240495	18.42	‡	0.00
12/31/2016	14,779	1,509	1.05	9.756657	11.06		1.25	9.822328	11.50		0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Goldman Sachs Managed Moderate Growth Fund - Class I - September 25, 2017; JNL/Goldman Sachs Total Yield Fund - Class I - September 25, 2017; JNL/GQG Emerging Markets Equity Fund - Class A - September 25, 2017; JNL/GQG Emerging Markets Equity Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

150

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Harris Oakmark Global Equity Fund - Class I
12/31/2020	5,459	412	4.82	13.158668	11.18		0.45	13.201716	11.29		0.35
12/31/2019	3,511	295	2.17	11.835189	27.35		0.45	11.862039	27.48		0.35
12/31/2018	1,885	202	1.54	9.293179	(21.33	)	0.45	9.304950	(21.25	)	0.35
12/31/2017+	8	1	0.00	11.812506	0.19	‡	0.45	11.815591	0.22	‡	0.35
JNL/Heitman U.S. Focused Real Estate Fund - Class A
12/31/2020	30,400	2,784	1.81	10.546490	8.71	‡	2.80	11.275496	(4.14	)	0.00
12/31/2019	30,838	2,673	1.45	11.330928	1.72	‡	2.70	11.762272	25.26		0.00
12/31/2018+	2,995	321	0.00	9.304126	(6.54	)‡	2.40	9.390005	(6.10	)‡	0.00
JNL/Heitman U.S. Focused Real Estate Fund - Class I
12/31/2020	917	82	2.50	11.232720	(4.32	)	0.45	11.259532	(4.22	)	0.35
12/31/2019	641	55	1.24	11.739713	25.11		0.45	11.755961	25.23		0.35
12/31/2018+	31	3	0.00	9.383786	(6.16	)‡	0.45	9.387386	(6.13	)‡	0.35
JNL/Invesco Diversified Dividend Fund - Class A
12/31/2020	108,425	9,472	0.00	11.018625	(1.83	)	2.45	11.936491	0.61		0.00
12/31/2019	97,998	8,508	2.54	11.223669	20.85		2.45	11.864344	23.84		0.00
12/31/2018	47,607	5,053	0.63	9.287455	(9.52	)	2.45	9.579995	(7.26	)	0.00
12/31/2017+	9,513	924	0.00	10.264333	2.09	‡	2.45	10.330015	3.30	‡	0.00
JNL/Invesco Diversified Dividend Fund - Class I
12/31/2020	3,298	280	0.00	11.883994	0.41		0.45	11.922882	0.51		0.35
12/31/2019	2,328	199	2.52	11.835473	23.72		0.45	11.862339	23.85		0.35
12/31/2018	903	94	0.77	9.566153	(7.38	)	0.45	9.578282	(7.28	)	0.35
12/31/2017+	49	5	0.00	10.327876	3.28	‡	0.45	10.330581	3.31	‡	0.35
JNL/Invesco Global Growth Fund - Class A
12/31/2020	1,759,004	48,862	0.00	21.916334	23.26		3.90	44.952168	27.85		0.25
12/31/2019	1,700,379	59,777	0.60	17.779860	26.26		3.90	35.160564	30.96		0.25
12/31/2018	1,440,261	65,735	0.63	14.081861	(9.20	)‡	3.90	26.849292	(13.43	)	0.25
12/31/2017	1,818,557	71,396	0.81	17.715886	31.34		3.61	31.013918	1.73	‡	0.25
12/31/2016	1,201,731	63,487	0.64	13.488974	(3.44	)	3.61	22.660736	(0.26	)‡	0.30
JNL/Invesco Global Growth Fund - Class I
12/31/2020	13,349	281	0.00	48.562809	27.93		0.45	46.456421	28.13		0.30
12/31/2019	9,997	267	1.07	37.959049	31.14		0.45	36.258165	11.66	‡	0.30
12/31/2018	4,217	147	1.52	28.946471	(13.36	)	0.45	28.983123	(13.27	)	0.35
12/31/2017+	188	6	0.00	33.409318	8.87	‡	0.45	33.418008	8.90	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Harris Oakmark Global Equity Fund - Class I - September 25, 2017; JNL/Heitman U.S. Focused Real Estate Fund - Class A - August 13, 2018; JNL/Heitman U.S. Focused Real Estate Fund - Class I - August 13, 2018; JNL/Invesco Diversified Dividend Fund - Class A - September 25, 2017; JNL/Invesco Diversified Dividend Fund - Class I - September 25, 2017; JNL/Invesco Global Growth Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

151

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Invesco Global Real Estate Fund - Class A
12/31/2020	839,871	47,691	0.00	11.765583	(15.49	)	3.90	21.683182	(12.13	)	0.00
12/31/2019	1,111,643	54,791	0.00	13.922679	17.83		3.90	24.677093	22.52		0.00
12/31/2018	1,052,660	62,917	3.78	11.815742	(2.67	)‡	3.90	20.140860	(6.38	)	0.00
12/31/2017	1,288,855	71,293	3.12	13.449300	6.19		3.71	21.512751	9.50	‡	0.00
12/31/2016	1,290,375	77,783	2.00	12.665461	(1.30	)	3.71	18.853139	(5.67	)‡	0.30
JNL/Invesco Global Real Estate Fund - Class I
12/31/2020	2,660	127	0.00	20.916564	(12.30	)	0.45	21.246899	(12.21	)	0.35
12/31/2019	2,437	102	0.00	23.849631	22.40		0.45	24.202180	22.52		0.35
12/31/2018+	257	13	12.65	19.485472	(5.45	)‡	0.45	19.753790	(5.07	)‡	0.35
JNL/Invesco International Growth Fund - Class A
12/31/2020	841,336	29,822	2.08	14.545456	9.42		3.91	39.640830	13.78		0.00
12/31/2019	855,463	34,100	1.70	13.293411	23.23		3.91	34.839332	28.15		0.00
12/31/2018	766,542	38,718	1.93	10.787482	(18.35	)	3.91	27.187070	(15.08	)	0.00
12/31/2017	994,137	42,213	1.46	13.212292	18.49		3.91	32.014432	20.51	‡	0.00
12/31/2016	795,886	41,277	1.76	11.151012	(4.97	)	3.91	24.357016	(4.17	)‡	0.30
JNL/Invesco International Growth Fund - Class I
12/31/2020	4,548	111	2.75	42.057705	13.63		0.45	42.195289	13.75		0.35
12/31/2019	2,825	78	2.06	37.011704	27.94		0.45	37.095673	28.07		0.35
12/31/2018	1,777	62	2.87	28.928283	(15.23	)	0.45	28.964931	(15.14	)	0.35
12/31/2017+	152	4	0.00	34.123717	3.94	‡	0.45	34.132612	3.96	‡	0.35
JNL/Invesco Small Cap Growth Fund - Class A
12/31/2020	2,328,187	40,070	0.00	20.335993	46.22		6.80	74.963170	56.51		0.00
12/31/2019	1,660,791	44,177	0.00	13.907899	16.23		6.80	47.897107	24.41		0.00
12/31/2018	1,451,599	47,478	0.00	11.965942	(16.58	)‡	6.80	38.499903	(9.11	)	0.00
12/31/2017	1,554,187	45,710	0.00	18.561261	13.92	‡	5.10	42.360550	23.28	‡	0.00
12/31/2016	1,132,274	41,280	0.00	19.901334	7.67		3.51	32.392832	3.16	‡	0.30
JNL/Invesco Small Cap Growth Fund - Class I
12/31/2020	19,231	254	0.00	67.022308	18.79	‡	0.80	77.252467	56.40		0.35
12/31/2019	8,209	170	0.00	49.283835	24.26		0.45	49.395541	24.39		0.35
12/31/2018	6,432	163	0.00	39.661452	(9.28	)	0.45	39.711610	(9.19	)	0.35
12/31/2017+	161	4	0.00	43.718423	8.50	‡	0.45	43.729731	8.53	‡	0.35
JNL/JPMorgan Global Allocation Fund - Class A
12/31/2020	1,395,068	104,571	0.00	11.918497	25.15	‡	3.05	14.612194	11.70		0.00
12/31/2019+	33,779	2,745	0.00	11.776556	4.76	‡	1.85	13.081368	17.78	‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Invesco Global Real Estate Fund - Class I - August 13, 2018; JNL/Invesco International Growth Fund - Class I - September 25, 2017; JNL/Invesco Small Cap Growth Fund - Class I - September 25, 2017; JNL/JPMorgan Global Allocation Fund - Class A - June 24, 2019.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

152

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/JPMorgan Global Allocation Fund - Class I
12/31/2020	1,638	113	0.00	14.548434	11.55		0.45	14.595932	11.66		0.35
12/31/2019+	21	2	0.00	13.042651	5.53	‡	0.45	13.072151	5.58	‡	0.35
JNL/JPMorgan Growth & Income Fund - Class A
12/31/2020	671,373	46,449	0.00	7.072997	(9.84	)	6.50	17.532489	(3.78	)‡	0.00
12/31/2019	586,357	38,523	0.00	7.844922	6.59	‡	6.50	17.528500	22.60		0.30
12/31/2018	531,898	42,476	1.15	7.953774	(11.61	)‡	5.20	14.297079	(9.30	)	0.30
12/31/2017	653,799	46,910	2.97	10.622915	0.62	‡	3.90	15.762915	7.79		0.30
12/31/2016	635,711	48,701	2.46	11.016958	12.11		3.15	14.624255	6.09	‡	0.30
JNL/JPMorgan Growth & Income Fund - Class I
12/31/2020	3,383	192	0.00	17.819630	(4.01	)	0.45	17.877875	(3.91	)	0.35
12/31/2019	1,391	77	0.00	18.563506	22.88		0.45	18.605575	23.00		0.35
12/31/2018	360	24	2.61	15.107360	(9.18	)	0.45	15.126481	(9.08	)	0.35
12/31/2017+	23	1	0.00	16.633509	2.31	‡	0.45	16.637850	2.34	‡	0.35
JNL/JPMorgan Hedged Equity Fund - Class A
12/31/2020	310,398	25,761	0.63	11.604098	5.66	‡	2.80	12.404934	14.31		0.00
12/31/2019	74,525	6,987	0.00	10.518873	7.16	‡	2.25	10.851600	13.00		0.00
12/31/2018+	18,950	1,983	0.74	9.525827	(1.66	)‡	2.10	9.603562	(3.96	)‡	0.00
JNL/JPMorgan Hedged Equity Fund - Class I
12/31/2020	9,017	730	0.74	12.354062	14.19		0.45	12.398310	14.36		0.30
12/31/2019	3,568	330	0.00	10.818847	12.80		0.45	10.841322	7.79	‡	0.30
12/31/2018+	779	81	0.52	9.590949	(4.09	)‡	0.45	9.594629	(4.05	)‡	0.35
JNL/JPMorgan MidCap Growth Fund - Class A
12/31/2020	3,166,068	31,760	0.00	51.573717	8.18	‡	3.90	140.238670	47.97		0.00
12/31/2019	1,982,073	29,115	0.00	38.942706	34.96		3.61	94.775677	39.92		0.00
12/31/2018	1,331,467	27,148	0.00	28.855520	(8.38	)	3.61	67.737631	(5.00	)	0.00
12/31/2017	1,382,978	26,613	0.00	31.495533	24.83		3.61	71.299298	26.00	‡	0.00
12/31/2016	915,469	22,632	0.00	25.231671	(3.04	)	3.61	51.644254	(0.24	)‡	0.30
JNL/JPMorgan MidCap Growth Fund - Class I
12/31/2020	34,481	242	0.00	144.701591	47.77		0.45	145.174781	47.91		0.35
12/31/2019	14,394	149	0.00	97.926713	39.71		0.45	98.148836	39.85		0.35
12/31/2018	6,258	90	0.00	70.092077	(5.16	)	0.45	70.180842	(5.07	)	0.35
12/31/2017+	156	2	0.00	73.907952	7.49	‡	0.45	73.927159	7.51	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/JPMorgan Global Allocation Fund - Class I - June 24, 2019; JNL/JPMorgan Growth & Income Fund - Class I - September 25, 2017; JNL/JPMorgan Hedged Equity Fund - Class A - August 13, 2018; JNL/JPMorgan Hedged Equity Fund - Class I - August 13, 2018; JNL/JPMorgan MidCap Growth Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

153

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A
12/31/2020	1,563,966	66,444	0.00	12.574048	3.02		3.75	32.885271	6.95		0.00
12/31/2019	902,107	40,554	0.00	12.205920	2.54		3.75	30.747501	6.46		0.00
12/31/2018	780,044	37,135	3.06	11.903127	(3.27	)	3.75	28.882638	0.45		0.00
12/31/2017	782,289	37,140	2.57	12.305260	(1.26	)	3.75	28.753429	2.43	‡	0.00
12/31/2016	901,339	43,536	1.89	12.461732	(2.28	)	3.75	26.291282	(2.99	)‡	0.30
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I
12/31/2020	27,071	816	0.00	34.171375	6.74		0.45	34.283171	6.84		0.35
12/31/2019	9,005	289	0.00	32.014692	6.33		0.45	32.087321	6.44		0.35
12/31/2018	4,568	156	5.44	30.108290	0.31		0.45	30.146431	0.41		0.35
12/31/2017+	—	—	0.00	30.014664	(0.26	)‡	0.45	30.022480	(0.24	)‡	0.35
JNL/Lazard International Strategic Equity Fund - Class A
12/31/2020	71,681	4,345	0.51	15.131586	10.51		2.25	17.984371	13.03		0.00
12/31/2019	78,110	5,295	0.22	13.692027	19.20		2.25	15.911339	21.92		0.00
12/31/2018	56,687	4,617	0.20	11.486299	(5.32	)‡	2.25	13.051132	(10.19	)	0.00
12/31/2017	53,601	3,862	2.24	13.706686	26.70		1.25	14.531353	25.91	‡	0.00
12/31/2016	41,512	3,802	1.24	10.818386	(6.30	)	1.25	10.979083	(5.93	)	0.85
JNL/Lazard International Strategic Equity Fund - Class I
12/31/2020	2,206	133	0.85	16.392355	12.89		0.45	16.445968	13.00		0.35
12/31/2019	1,717	118	0.59	14.520431	21.69		0.45	14.553363	21.81		0.35
12/31/2018	625	52	0.56	11.932190	(10.25	)	0.45	11.947296	(10.16	)	0.35
12/31/2017+	48	4	0.00	13.294419	7.30	‡	0.45	13.297879	7.33	‡	0.35
JNL/Loomis Sayles Global Growth Fund - Class A
12/31/2020	433,958	28,766	0.31	14.458328	43.26	‡	3.15	15.586247	34.85		0.00
12/31/2019	3,473	304	0.24	11.360121	29.13		1.25	11.558297	30.75		0.00
12/31/2018+	364	41	0.00	8.797715	(12.66	)‡	1.25	8.840000	(11.60	)‡	0.00
JNL/Loomis Sayles Global Growth Fund - Class I
12/31/2020+	2,236	144	0.30	15.540517	46.25	‡	0.45	15.559042	46.30	‡	0.40
JNL/Lord Abbett Short Duration Income Fund - Class A
12/31/2020+	187,268	18,073	0.00	10.295313	1.76	‡	2.20	10.450015	4.50	‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I - September 25, 2017; JNL/Lazard International Strategic Equity Fund - Class I - September 25, 2017; JNL/Loomis Sayles Global Growth Fund - Class A - August 13, 2018; JNL/Loomis Sayles Global Growth Fund - Class I - April 27, 2020; JNL/Lord Abbett Short Duration Income Fund - Class A - April 27, 2020.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

154

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Lord Abbett Short Duration Income Fund - Class I
12/31/2020+	4,261	408	0.00	10.438122	4.38	‡	0.45	10.445190	4.45	‡	0.35
JNL/Mellon Bond Index Fund - Class A
12/31/2020	1,059,818	65,346	0.00	9.889371	2.94		3.91	20.758968	7.05		0.00
12/31/2019	855,249	55,795	2.33	9.606647	3.80		3.91	19.392197	7.93		0.00
12/31/2018	783,456	54,780	2.12	9.255369	(4.41	)	3.91	17.967162	(0.57	)	0.00
12/31/2017	826,792	56,864	1.95	9.682069	(0.92	)	3.91	18.070868	2.93	‡	0.00
12/31/2016	814,434	57,253	0.81	9.772151	(1.98	)	3.91	16.773296	(2.97	)‡	0.30
JNL/Mellon Bond Index Fund - Class I
12/31/2020	13,881	666	0.00	21.306072	6.78		0.45	21.375770	6.89		0.35
12/31/2019	5,422	278	3.42	19.953057	7.88		0.45	19.998321	7.99		0.35
12/31/2018	2,248	123	3.24	18.495417	(0.73	)	0.45	18.518837	(0.63	)	0.35
12/31/2017+	322	17	0.00	18.631666	(0.12	)‡	0.45	18.636516	(0.09	)‡	0.35
JNL/Mellon Communication Services Sector Fund - Class A
12/31/2020	232,677	16,118	0.00	8.620621	20.70		3.71	19.140756	25.26		0.00
12/31/2019	145,444	12,449	0.00	7.142349	21.82		3.71	15.280879	26.40		0.00
12/31/2018	102,126	10,987	4.19	5.863169	(9.26	)	3.71	12.089289	(5.81	)	0.00
12/31/2017	107,133	10,734	3.27	6.461274	(0.23	)	3.71	12.834681	2.12	‡	0.00
12/31/2016	129,579	13,290	2.72	6.475947	19.07		3.71	10.682619	22.51		0.85
JNL/Mellon Communication Services Sector Fund - Class I
12/31/2020	4,313	224	0.00	19.807567	25.16		0.45	19.872716	25.28		0.35
12/31/2019	1,284	83	0.00	15.826014	26.34		0.45	15.862201	26.46		0.35
12/31/2018	322	26	8.14	12.527002	(5.90	)	0.45	12.543093	(5.81	)	0.35
12/31/2017+	3	0	0.00	13.312877	(0.63	)‡	0.45	13.316376	(0.60	)‡	0.35
JNL/Mellon Consumer Discretionary Sector Fund - Class A
12/31/2020	1,670,471	31,652	0.00	32.315250	41.80		3.61	70.242663	47.01		0.00
12/31/2019	1,217,410	33,539	0.00	22.789350	22.38		3.61	47.780042	26.88		0.00
12/31/2018	1,054,590	36,528	0.67	18.621213	(4.75	)	3.61	37.657519	(1.22	)	0.00
12/31/2017	1,037,838	35,184	1.16	19.548943	17.78		3.61	38.124325	18.85	‡	0.00
12/31/2016	836,751	34,302	0.67	16.597368	2.40		3.61	29.630004	3.46	‡	0.30
JNL/Mellon Consumer Discretionary Sector Fund - Class I
12/31/2020	12,378	173	0.00	62.036180	24.45	‡	0.80	72.847720	47.04		0.35
12/31/2019	4,509	93	0.00	49.418306	26.71		0.45	49.541118	26.84		0.35
12/31/2018	2,193	57	1.72	38.999707	(1.36	)	0.45	39.057552	(1.26	)	0.35
12/31/2017+	1	0	0.00	39.536034	9.97	‡	0.45	39.554770	10.02	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Lord Abbett Short Duration Income Fund - Class I - April 27, 2020; JNL/Mellon Bond Index Fund - Class I - September 25, 2017; JNL/Mellon Communication Services Sector Fund - Class I - September 25, 2017; JNL/Mellon Consumer Discretionary Sector Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

155

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Consumer Staples Sector Fund - Class A
12/31/2020	206,261	16,030	0.00	12.312825	7.48		2.70	13.450012	10.43		0.00
12/31/2019	143,890	12,191	0.00	11.456012	5.05	‡	2.70	12.180016	26.09		0.00
12/31/2018	60,735	6,396	0.00	9.370928	(9.31	)‡	2.40	9.660006	(8.95	)	0.00
12/31/2017+	7,203	681	0.00	10.547344	5.00	‡	2.30	10.610004	6.10	‡	0.00
JNL/Mellon Consumer Staples Sector Fund - Class I
12/31/2020	3,095	231	0.00	13.239552	9.97		0.80	13.435551	10.46		0.35
12/31/2019	1,461	121	0.00	12.039729	4.21	‡	0.80	12.163162	25.95		0.35
12/31/2018	443	46	0.00	9.644894	(9.08	)	0.45	9.657125	(8.98	)	0.35
12/31/2017+	47	4	0.00	10.607561	6.08	‡	0.45	10.610329	6.10	‡	0.35
JNL/Mellon Dow Index Fund - Class A
12/31/2020	1,118,915	41,539	0.00	15.242258	4.68		4.00	36.009985	8.96		0.00
12/31/2019	997,657	40,005	0.00	14.560302	19.60		4.00	33.049985	24.48		0.00
12/31/2018	768,056	38,035	0.00	12.174081	(7.80	)	4.00	26.549969	(4.01	)	0.00
12/31/2017	822,912	38,822	0.00	13.203588	22.65		4.00	27.659956	21.90	‡	0.00
12/31/2016	557,994	33,282	0.00	10.765243	11.29		4.00	20.564025	8.21	‡	0.30
JNL/Mellon Dow Index Fund - Class I
12/31/2020	13,958	394	0.00	35.899097	8.84		0.45	36.016051	8.95		0.35
12/31/2019	6,274	194	0.00	32.982507	24.37		0.45	33.056814	24.50		0.35
12/31/2018	1,246	47	0.00	26.518932	(4.12	)	0.45	26.552112	(4.02	)	0.35
12/31/2017+	16	1	0.00	27.658032	11.30	‡	0.45	27.664789	11.33	‡	0.35
JNL/Mellon Emerging Markets Index Fund - Class A
12/31/2020	1,045,449	80,953	3.20	10.642648	13.18		3.41	14.634284	17.10		0.00
12/31/2019	1,090,072	97,638	2.03	9.403540	13.94		3.41	12.496929	17.89		0.00
12/31/2018	1,010,950	105,439	1.59	8.253053	(18.10	)	3.41	10.600320	(15.24	)	0.00
12/31/2017	1,271,614	111,041	1.02	10.076623	31.56		3.41	12.506287	30.86	‡	0.00
12/31/2016	676,628	79,432	1.97	7.659333	6.41		3.41	9.042587	(5.58	)‡	0.30
JNL/Mellon Emerging Markets Index Fund - Class I
12/31/2020	14,184	970	4.40	14.739847	17.03		0.45	14.787935	17.14		0.35
12/31/2019	8,271	662	2.81	12.595444	17.67		0.45	12.623915	17.79		0.35
12/31/2018	4,412	414	3.28	10.704162	(15.39	)	0.45	10.717639	(15.30	)	0.35
12/31/2017+	204	16	0.00	12.650658	6.73	‡	0.45	12.653856	6.76	‡	0.35
JNL/Mellon Energy Sector Fund - Class A
12/31/2020	768,163	41,798	0.00	10.612205	(36.27	)	3.91	24.602369	(33.73	)	0.00
12/31/2019	995,708	35,479	0.00	16.652013	4.47		3.91	37.124126	8.64		0.00
12/31/2018	1,001,461	38,349	2.77	15.938986	(23.50	)	3.91	34.170278	(20.43	)	0.00
12/31/2017	1,404,919	42,347	2.07	20.835213	(6.65	)	3.91	42.944855	(1.87	)‡	0.00
12/31/2016	1,739,027	50,519	2.02	22.319552	22.35		3.91	41.986868	11.12	‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon Consumer Staples Sector Fund - Class A - September 25, 2017; JNL/Mellon Consumer Staples Sector Fund - Class I - September 25, 2017; JNL/Mellon Dow Index Fund - Class I - September 25, 2017; JNL/Mellon Emerging Markets Index Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

156

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Energy Sector Fund - Class I
12/31/2020	3,527	141	0.00	25.447890	(33.78	)	0.45	25.532895	(33.71	)	0.35
12/31/2019	3,544	93	0.00	38.430019	8.54		0.45	38.519848	8.65		0.35
12/31/2018	1,523	43	5.22	35.406570	(20.49	)	0.45	35.453847	(20.41	)	0.35
12/31/2017+	6	0	0.00	44.531429	6.63	‡	0.45	44.546049	6.67	‡	0.35
JNL/Mellon Equity Income Fund - Class A
12/31/2020	187,709	7,841	0.00	21.561672	0.12		2.30	26.462257	2.45		0.00
12/31/2019	214,116	9,045	0.00	21.536093	25.70		2.30	25.829861	28.62		0.00
12/31/2018	159,218	8,553	1.15	17.133367	(15.47	)‡	2.30	20.082089	(9.61	)	0.00
12/31/2017	147,954	7,082	1.54	19.750416	5.57	‡	2.00	22.216951	14.91	‡	0.00
12/31/2016	117,216	6,420	0.99	18.072841	17.08		1.25	18.425521	17.55		0.85
JNL/Mellon Equity Income Fund - Class I
12/31/2020	2,925	141	0.00	20.355950	2.30		0.45	20.422536	2.40		0.35
12/31/2019	2,461	123	0.00	19.898608	28.38		0.45	19.943749	28.51		0.35
12/31/2018	1,045	67	2.07	15.499632	(9.68	)	0.45	15.519255	(9.58	)	0.35
12/31/2017+	76	4	0.00	17.159897	8.33	‡	0.45	17.164353	8.36	‡	0.35
JNL/Mellon Financial Sector Fund - Class A
12/31/2020	1,018,210	56,049	0.00	11.126354	(6.16	)	3.61	24.181997	(2.72	)	0.00
12/31/2019	1,233,577	65,331	0.00	11.857332	26.43		3.61	24.856916	31.08		0.00
12/31/2018	1,077,914	74,125	1.17	9.378672	(16.94	)	3.61	18.963768	(13.87	)	0.00
12/31/2017	1,359,936	79,895	0.93	11.291418	15.10		3.61	22.017447	19.91	‡	0.00
12/31/2016	1,020,005	70,947	1.51	9.810025	19.71		3.61	17.510665	19.64	‡	0.30
JNL/Mellon Financial Sector Fund - Class I
12/31/2020	9,017	367	0.00	25.009846	(2.81	)	0.45	25.092838	(2.71	)	0.35
12/31/2019	5,262	206	0.00	25.732089	30.90		0.45	25.791678	31.03		0.35
12/31/2018	3,586	184	2.56	19.658195	(13.96	)	0.45	19.684016	(13.88	)	0.35
12/31/2017+	114	5	0.00	22.848631	9.61	‡	0.45	22.855655	9.64	‡	0.35
JNL/Mellon Healthcare Sector Fund - Class A
12/31/2020	3,427,548	75,637	0.00	26.106802	4.38	‡	3.90	60.419401	17.52		0.00
12/31/2019	3,047,856	78,112	0.00	24.520977	17.08		3.61	51.412186	21.38		0.00
12/31/2018	2,816,036	86,811	0.92	20.944557	1.21		3.61	42.356262	4.95		0.00
12/31/2017	2,741,804	87,828	0.88	20.694007	18.30		3.61	40.357693	20.49	‡	0.00
12/31/2016	2,298,246	89,379	1.75	17.493318	(7.22	)	3.61	31.229624	(5.49	)‡	0.30
JNL/Mellon Healthcare Sector Fund - Class I
12/31/2020	23,100	376	0.00	53.319888	9.48	‡	0.80	62.614336	17.51		0.35
12/31/2019	12,723	244	0.00	53.161176	21.29		0.45	53.284446	21.41		0.35
12/31/2018	6,373	148	2.15	43.830632	4.78		0.45	43.888361	4.88		0.35
12/31/2017+	63	1	0.00	41.832857	2.06	‡	0.45	41.845870	2.09	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon Energy Sector Fund - Class I - September 25, 2017; JNL/Mellon Equity Income Fund - Class I - September 25, 2017; JNL/Mellon Financial Sector Fund - Class I - September 25, 2017; JNL/Mellon Healthcare Sector Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

157

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Index 5 Fund - Class A
12/31/2020	1,154,052	58,829	0.00	14.417228	8.36		3.61	23.619590	12.35		0.00
12/31/2019	1,256,259	71,036	0.00	13.304496	17.06		3.61	21.023749	21.37		0.00
12/31/2018	782,567	53,011	0.00	11.365381	(11.08	)	3.61	17.322744	(7.80	)	0.00
12/31/2017	935,514	57,750	0.00	12.782211	11.22		3.61	18.787723	14.40	‡	0.00
12/31/2016	764,417	53,777	0.00	11.492485	7.96		3.61	15.829709	3.76	‡	0.30
JNL/Mellon Index 5 Fund - Class I
12/31/2020	1,889	83	0.00	22.775770	12.24		0.45	23.605251	12.35		0.35
12/31/2019	1,169	58	0.00	20.292652	21.17		0.45	21.010676	21.29		0.35
12/31/2018+	883	53	0.00	16.747679	(13.23	)‡	0.45	17.322932	(11.10	)‡	0.35
JNL/Mellon Industrials Sector Fund - Class A
12/31/2020	101,674	7,869	0.00	12.340405	10.53		2.70	13.480187	13.56		0.00
12/31/2019	72,387	6,283	0.00	11.164677	3.53	‡	2.70	11.870136	30.01		0.00
12/31/2018	27,205	3,030	0.00	8.857369	(16.47	)	2.40	9.130122	(14.43	)	0.00
12/31/2017+	16,384	1,541	0.00	10.603694	4.34	‡	2.40	10.670019	6.70	‡	0.00
JNL/Mellon Industrials Sector Fund - Class I
12/31/2020	3,239	241	0.00	13.421289	13.37		0.45	13.465221	13.48		0.35
12/31/2019	1,052	89	0.00	11.838664	29.84		0.45	11.865539	29.97		0.35
12/31/2018	530	58	0.00	9.117908	(14.45	)	0.45	9.129470	(14.36	)	0.35
12/31/2017+	60	6	0.00	10.657500	6.58	‡	0.45	10.660285	6.60	‡	0.35
JNL/Mellon Information Technology Sector Fund - Class A
12/31/2020	4,505,629	125,182	0.00	20.715899	7.55	‡	3.90	47.943018	45.12		0.00
12/31/2019	3,166,558	126,284	0.00	15.438628	42.60		3.71	33.036360	47.99		0.00
12/31/2018	2,194,967	128,417	0.42	10.826190	(4.39	)	3.71	22.322809	(0.76	)	0.00
12/31/2017	2,167,490	124,747	0.63	11.323414	31.36		3.71	22.493094	31.96	‡	0.00
12/31/2016	1,334,907	103,703	0.71	8.620020	9.18		3.71	15.658874	1.61	‡	0.30
JNL/Mellon Information Technology Sector Fund - Class I
12/31/2020	54,066	1,112	0.00	42.351388	44.46		0.80	49.732266	45.11		0.35
12/31/2019	21,560	640	0.00	29.318001	13.32	‡	0.80	34.273042	47.98		0.35
12/31/2018	7,461	327	0.97	23.131933	(0.83	)	0.45	23.161218	(0.73	)	0.35
12/31/2017+	253	11	0.00	23.326201	10.98	‡	0.45	23.332251	11.01	‡	0.35
JNL/Mellon International Index Fund - Class A
12/31/2020	1,348,997	59,681	3.49	13.871614	3.58		3.90	29.030765	7.70		0.00
12/31/2019	1,406,188	66,200	2.67	13.391625	16.58		3.90	26.955530	21.21		0.00
12/31/2018	1,262,001	71,231	3.27	11.487338	(17.22	)	3.90	22.239272	(13.91	)	0.00
12/31/2017	1,588,376	76,440	3.00	13.876937	20.27		3.90	25.833622	21.43	‡	0.00
12/31/2016	1,094,403	65,109	0.26	11.538236	(3.04	)	3.90	19.756656	(1.60	)‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon Index 5 Fund - Class I - August 13, 2018; JNL/Mellon Industrials Sector Fund - Class A - September 25, 2017; JNL/Mellon Industrials Sector Fund - Class I - September 25, 2017; JNL/Mellon Information Technology Sector Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

158

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon International Index Fund - Class I
12/31/2020	22,438	763	5.00	29.824276	7.54		0.45	29.921825	7.64		0.35
12/31/2019	11,708	429	3.47	27.734259	21.02		0.45	27.797169	21.14		0.35
12/31/2018	5,806	256	5.57	22.916858	(14.05	)	0.45	22.945884	(13.97	)	0.35
12/31/2017+	657	25	0.00	26.664027	4.66	‡	0.45	26.670970	4.69	‡	0.35
JNL/Mellon Materials Sector Fund - Class A
12/31/2020	72,349	5,954	0.00	11.609468	61.79	‡	2.70	12.679997	18.84		0.00
12/31/2019	23,082	2,229	0.00	10.082365	19.75	‡	2.50	10.669999	22.78		0.00
12/31/2018	15,358	1,797	0.00	8.360819	(24.32	)‡	3.05	8.689999	(18.63	)	0.00
12/31/2017+	42,284	3,973	0.00	10.610714	2.94	‡	2.50	10.680001	6.80	‡	0.00
JNL/Mellon Materials Sector Fund - Class I
12/31/2020	1,968	156	0.00	12.623309	18.74		0.45	12.664430	18.86		0.35
12/31/2019	570	54	0.00	10.631207	22.61		0.45	10.655176	22.73		0.35
12/31/2018	310	36	0.00	8.670603	(18.72	)	0.45	8.681456	(18.64	)	0.35
12/31/2017+	—	—	0.00	10.667499	6.67	‡	0.45	10.670278	6.70	‡	0.35
JNL/Mellon MSCI KLD 400 Social Index Fund - Class A
12/31/2020	132,736	8,158	0.00	15.221630	16.90		3.05	17.033774	20.52		0.00
12/31/2019	59,622	4,360	0.00	13.020872	9.58	‡	3.05	14.133315	30.71		0.00
12/31/2018	27,390	2,583	0.01	10.384350	(4.40	)‡	2.40	10.812651	(4.30	)	0.00
12/31/2017+	15,103	1,347	1.00	11.123434	9.15	‡	2.30	11.298988	10.13	‡	0.00
JNL/Mellon MSCI KLD 400 Social Index Fund - Class I
12/31/2020	4,624	273	0.00	16.943800	20.38		0.45	16.999238	20.50		0.35
12/31/2019	382	27	0.00	14.075197	30.66		0.45	14.107122	30.79		0.35
12/31/2018	143	13	0.03	10.772326	(4.55	)	0.45	10.785969	(4.46	)	0.35
12/31/2017+	—	—	0.00	11.285952	6.67	‡	0.45	11.288895	6.70	‡	0.35
JNL/Mellon MSCI World Index Fund - Class A
12/31/2020	353,759	12,463	1.96	16.204065	11.08		4.00	38.282490	15.61		0.00
12/31/2019	359,890	14,510	1.80	14.587761	22.28		4.00	33.112516	27.27		0.00
12/31/2018	301,650	15,316	3.42	11.930227	(12.43	)	4.00	26.018163	(8.84	)	0.00
12/31/2017	367,752	16,856	0.00	13.623687	16.50		4.00	28.540000	15.69	‡	0.00
12/31/2016	337,726	18,554	0.00	11.694253	2.77		4.00	22.338587	(1.30	)‡	0.30
JNL/Mellon MSCI World Index Fund - Class I
12/31/2020	4,272	113	2.58	38.203893	15.50		0.45	38.329105	15.62		0.35
12/31/2019	2,827	86	2.43	33.075970	27.19		0.45	33.151210	27.32		0.35
12/31/2018	1,511	58	6.46	26.004167	(8.94	)	0.45	26.037270	(8.85	)	0.35
12/31/2017+	25	1	0.00	28.556427	6.28	‡	0.45	28.563972	6.30	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon International Index Fund - Class I - September 25, 2017; JNL/Mellon Materials Sector Fund - Class A - September 25, 2017; JNL/Mellon Materials Sector Fund - Class I - September 25, 2017; JNL/Mellon MSCI KLD 400 Social Index Fund - Class A - April 24, 2017; JNL/Mellon MSCI KLD 400 Social Index Fund - Class I - September 25, 2017; JNL/Mellon MSCI World Index Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

159

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Nasdaq® 100 Index Fund - Class A
12/31/2020	5,324,343	89,031	0.00	39.323234	6.11	‡	3.90	74.118178	47.96		0.00
12/31/2019	3,171,092	77,643	0.00	28.892903	33.65		3.61	50.092004	38.56		0.00
12/31/2018	2,302,486	77,316	0.31	21.618718	(4.18	)	3.61	36.151817	(0.64	)	0.00
12/31/2017	2,063,606	68,077	0.34	22.561943	27.42		3.61	36.384122	26.92	‡	0.00
12/31/2016	1,068,389	46,081	1.08	17.706638	4.12		3.61	26.553733	0.27	‡	0.30
JNL/Mellon Nasdaq® 100 Index Fund - Class I
12/31/2020	79,233	1,279	0.00	67.427539	12.81	‡	0.80	59.236828	47.92		0.35
12/31/2019	26,142	624	0.00	39.954548	38.39		0.45	40.045227	38.53		0.35
12/31/2018	10,670	357	1.10	28.871252	(0.72	)	0.45	28.907851	(0.62	)	0.35
12/31/2017+	268	9	0.00	29.081685	9.15	‡	0.45	29.089279	9.18	‡	0.35
JNL/Mellon Real Estate Sector Fund - Class A
12/31/2020	97,481	8,681	0.00	10.626947	(8.17	)	3.05	11.737482	(5.32	)	0.00
12/31/2019	157,669	13,131	0.00	11.571994	24.12		3.05	12.397342	27.94		0.00
12/31/2018	43,081	4,521	0.00	9.323019	(6.15	)‡	3.05	9.689999	(5.28	)	0.00
12/31/2017+	5,314	521	0.00	10.178315	1.15	‡	1.95	10.229999	2.30	‡	0.00
JNL/Mellon Real Estate Sector Fund - Class I
12/31/2020	6,312	542	0.00	11.647544	(5.49	)	0.45	11.685646	(5.39	)	0.35
12/31/2019	4,041	328	0.00	12.323685	27.91		0.45	12.351648	28.03		0.35
12/31/2018	1,856	193	0.00	9.634947	(5.80	)	0.45	9.647162	(5.70	)	0.35
12/31/2017+	74	7	0.00	10.227994	2.28	‡	0.45	10.230676	2.31	‡	0.35
JNL/Mellon S&P 400 MidCap Index Fund - Class A
12/31/2020	2,901,024	68,750	0.00	25.913344	8.67		3.90	54.230230	12.99		0.00
12/31/2019	2,688,525	71,154	0.00	23.845300	20.79		3.90	47.995879	25.58		0.00
12/31/2018	2,249,924	73,953	0.87	19.741321	(14.99	)	3.90	38.218816	(11.60	)	0.00
12/31/2017	2,658,629	76,477	0.96	23.223487	11.26		3.90	43.233373	14.60	‡	0.00
12/31/2016	2,217,324	73,174	0.18	20.872974	15.55		3.90	35.740359	7.74	‡	0.30
JNL/Mellon S&P 400 MidCap Index Fund - Class I
12/31/2020	41,612	761	0.00	55.534151	12.83		0.45	55.715551	12.95		0.35
12/31/2019	21,704	448	0.00	49.217947	25.31		0.45	49.329377	25.44		0.35
12/31/2018	8,506	219	1.98	39.276915	(11.67	)	0.45	39.326496	(11.58	)	0.35
12/31/2017+	470	11	0.00	44.465052	7.59	‡	0.45	44.476455	7.62	‡	0.35
JNL/Mellon S&P 500 Index Fund - Class A
12/31/2020	9,490,834	282,022	0.00	20.615853	13.28		3.90	43.145415	17.78		0.00
12/31/2019	8,185,613	283,310	1.47	18.198455	25.84		3.90	36.631187	30.83		0.00
12/31/2018	6,338,020	284,120	1.38	14.462007	(8.53	)	3.90	27.998131	(4.88	)	0.00
12/31/2017	6,699,233	282,715	1.40	15.810768	16.55		3.90	29.433639	19.37	‡	0.00
12/31/2016	4,756,967	240,596	0.13	13.566007	7.13		3.90	23.228885	3.91	‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon Nasdaq® 100 Index Fund - Class I - September 25, 2017; JNL/Mellon Real Estate Sector Fund - Class A - September 25, 2017; JNL/Mellon Real Estate Sector Fund - Class I - September 25, 2017; JNL/Mellon S&P 400 MidCap Index Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

160

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Mellon Small Cap Index Fund - Class A
12/31/2020	2,202,350	61,108	0.00	22.128644	6.58		3.90	46.311744	10.81		0.00
12/31/2019	2,137,359	64,950	0.00	20.763226	17.56		3.90	41.794051	22.23		0.00
12/31/2018	1,805,322	66,352	0.90	17.661866	(12.42	)	3.90	34.193149	(8.92	)	0.00
12/31/2017	1,942,541	64,309	0.82	20.166414	8.53		3.90	37.542378	14.20	‡	0.00
12/31/2016	1,732,506	64,199	0.51	18.580849	21.07		3.90	31.815633	11.44	‡	0.30
JNL/Mellon Small Cap Index Fund - Class I
12/31/2020	35,209	754	0.00	47.446085	10.66		0.45	47.601171	10.77		0.35
12/31/2019	18,394	436	0.00	42.874754	22.03		0.45	42.971946	22.15		0.35
12/31/2018	7,952	230	2.08	35.135656	(9.07	)	0.45	35.180109	(8.98	)	0.35
12/31/2017+	369	10	0.00	38.640380	7.03	‡	0.45	38.650391	7.06	‡	0.35
JNL/Mellon Utilities Sector Fund - Class A
12/31/2020	268,414	15,574	0.00	15.081826	(4.03	)	3.05	19.060932	(1.05	)	0.00
12/31/2019	325,693	18,466	0.91	15.714407	3.20	‡	3.05	19.263704	24.20		0.00
12/31/2018	160,160	11,089	2.55	13.534861	(5.81	)‡	2.40	15.510286	3.79		0.00
12/31/2017	76,456	5,371	2.40	14.097179	10.23		1.25	14.944267	11.62	‡	0.00
12/31/2016	71,848	5,575	1.95	12.788497	15.36		1.25	12.977718	15.82		0.85
JNL/Mellon Utilities Sector Fund - Class I
12/31/2020	3,696	217	0.00	16.760822	(1.12	)	0.45	16.815667	(1.02	)	0.35
12/31/2019	4,444	259	1.06	16.951234	24.13		0.45	16.989693	24.26		0.35
12/31/2018	999	73	3.58	13.655531	3.56		0.45	13.672841	3.67		0.35
12/31/2017+	22	2	0.00	13.185701	(0.78	)‡	0.45	13.189151	(0.76	)‡	0.35
JNL/MFS Mid Cap Value Fund - Class A
12/31/2020	1,522,703	56,682	0.00	18.000323	(0.11	)	3.91	33.214211	3.87	‡	0.00
12/31/2019	1,132,600	43,409	0.00	18.020795	25.86		3.91	30.602565	30.49		0.30
12/31/2018	937,189	46,474	0.55	14.317596	(15.08	)	3.91	23.451620	(11.94	)	0.30
12/31/2017	774,964	33,544	1.26	16.860164	8.70		3.91	26.631732	12.68		0.30
12/31/2016	712,755	34,454	0.00	15.510789	9.24		3.91	23.633876	6.69	‡	0.30
JNL/MFS Mid Cap Value Fund - Class I
12/31/2020	11,122	334	0.00	33.683466	3.66		0.45	34.019377	3.77		0.35
12/31/2019	5,865	184	0.00	32.493678	30.77		0.45	32.784913	30.90		0.35
12/31/2018	3,058	124	1.21	24.847742	(12.44	)	0.45	25.045400	(11.77	)	0.35
12/31/2017+	160	6	0.00	28.378815	5.69	‡	0.45	28.386195	5.71	‡	0.35
JNL/Morningstar Wide Moat Index Fund - Class A
12/31/2020	231,075	17,045	1.36	13.439708	11.35		2.50	14.265106	14.17		0.00
12/31/2019	141,685	11,898	0.76	12.069673	31.31		2.50	12.494542	34.64		0.00
12/31/2018+	83,324	9,029	0.00	9.191420	(10.97	)‡	2.50	9.280001	(7.20	)‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Mellon Small Cap Index Fund - Class I - September 25, 2017; JNL/Mellon Utilities Sector Fund - Class I - September 25, 2017; JNL/MFS Mid Cap Value Fund - Class I - September 25, 2017; JNL/Morningstar Wide Moat Index Fund - Class A - August 13, 2018.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

161

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Morningstar Wide Moat Index Fund - Class I
12/31/2020	5,284	373	2.01	14.210096	13.92		0.45	14.248905	14.07		0.35
12/31/2019	1,816	147	1.08	12.474166	34.51		0.45	12.491442	34.64		0.35
12/31/2018+	109	12	0.00	9.273976	(7.26	)‡	0.45	9.277540	(7.22	)‡	0.35
JNL/Neuberger Berman Commodity Strategy Fund - Class A
12/31/2020	11,822	1,881	0.00	6.137041	(4.83	)	1.25	6.671095	(3.63	)	0.00
12/31/2019	16,229	2,470	2.10	6.448292	10.70		1.25	6.922363	12.09		0.00
12/31/2018	15,260	2,589	0.35	5.825250	(11.68	)	1.25	6.175832	(10.56	)	0.00
12/31/2017	14,331	2,154	18.79	6.595291	5.07		1.25	6.904902	3.52	‡	0.00
12/31/2016	12,031	1,905	0.00	6.276762	10.51		1.25	6.344151	10.95		0.85
JNL/Neuberger Berman Strategic Income Fund - Class A
12/31/2020	592,703	47,287	0.00	10.567012	3.54		3.30	14.069267	7.01		0.00
12/31/2019	624,363	52,652	2.64	10.206136	5.80		3.30	13.147651	9.35		0.00
12/31/2018	576,962	52,593	1.96	9.646358	(5.72	)	3.30	12.023147	(2.54	)	0.00
12/31/2017	632,065	55,475	3.07	10.231264	(0.02	)‡	3.30	12.335939	6.27	‡	0.00
12/31/2016	498,915	46,194	3.44	10.020290	2.74		3.05	11.393375	(1.35	)‡	0.30
JNL/Neuberger Berman Strategic Income Fund - Class I
12/31/2020	4,851	344	0.00	14.164385	6.82		0.45	14.210716	6.93		0.35
12/31/2019	3,539	268	3.84	13.259488	9.11		0.45	13.289561	9.22		0.35
12/31/2018	1,296	107	3.80	12.152451	(2.56	)	0.45	12.167843	(2.46	)	0.35
12/31/2017+	68	5	0.00	12.472041	0.70	‡	0.45	12.475291	0.72	‡	0.35
JNL/PIMCO Income Fund - Class A
12/31/2020	749,074	68,634	0.00	10.217749	1.53		3.30	11.381782	4.95		0.00
12/31/2019	644,539	61,255	3.08	10.064075	(0.04	)‡	3.30	10.845418	7.82		0.00
12/31/2018	366,422	37,052	0.48	9.708996	(0.01	)‡	2.80	10.058556	(0.11	)	0.00
12/31/2017+	128,040	12,760	0.00	10.007424	0.08	‡	2.40	10.069997	0.70	‡	0.00
JNL/PIMCO Income Fund - Class I
12/31/2020	23,286	2,058	0.00	11.332516	4.82		0.45	11.388181	4.98		0.30
12/31/2019	17,136	1,589	3.73	10.810904	7.65		0.45	10.847720	3.21	‡	0.30
12/31/2018	6,544	651	0.64	10.042760	(0.25	)	0.45	10.055494	(0.15	)	0.35
12/31/2017+	524	52	0.00	10.068192	0.68	‡	0.45	10.070825	0.71	‡	0.35
JNL/PIMCO Investment Grade Credit Bond Fund - Class A
12/31/2020	668,210	47,738	0.00	11.685655	6.93		3.30	15.677249	10.52		0.00
12/31/2019	461,898	36,018	2.96	10.927919	10.76		3.30	14.184723	14.47		0.00
12/31/2018	262,912	23,201	2.96	9.866557	(5.74	)	3.30	12.391319	(2.56	)	0.00
12/31/2017	287,431	24,394	2.14	10.467145	(0.11	)‡	3.30	12.716541	6.50	‡	0.00
12/31/2016	185,995	16,679	1.31	10.362318	3.39		2.80	11.742678	(2.79	)‡	0.25

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Morningstar Wide Moat Index Fund - Class I - August 13, 2018; JNL/Neuberger Berman Strategic Income Fund - Class I - September 25, 2017; JNL/PIMCO Income Fund - Class A - September 25, 2017; JNL/PIMCO Income Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

162

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/PIMCO Investment Grade Credit Bond Fund - Class I
12/31/2020	12,303	833	0.00	14.366779	10.41		0.45	15.535400	10.58		0.30
12/31/2019	5,838	437	3.93	13.011729	14.24		0.45	14.049037	7.76	‡	0.30
12/31/2018	696	61	5.47	11.390120	(2.70	)	0.45	11.404486	(2.60	)	0.35
12/31/2017+	42	4	0.00	11.706338	0.23	‡	0.45	11.709333	0.25	‡	0.35
JNL/PIMCO Real Return Fund - Class A
12/31/2020	1,150,818	72,918	0.00	11.495434	7.51		3.61	19.026178	11.46		0.00
12/31/2019	950,319	66,272	0.00	10.692520	4.54		3.61	17.069754	8.38		0.00
12/31/2018	971,273	72,742	0.66	10.227968	(5.72	)	3.61	15.749761	(2.23	)	0.00
12/31/2017	1,114,819	80,744	0.00	10.847955	(0.54	)	3.61	16.108966	2.47	‡	0.00
12/31/2016	1,134,262	83,789	5.93	10.906571	1.45		3.61	15.164453	(1.30	)‡	0.30
JNL/PIMCO Real Return Fund - Class I
12/31/2020	8,341	433	0.00	19.360474	11.28		0.45	19.423593	11.39		0.35
12/31/2019	3,068	177	0.00	17.398068	8.22		0.45	17.437504	8.33		0.35
12/31/2018	1,893	119	1.79	16.076438	(2.39	)	0.45	16.096733	(2.29	)	0.35
12/31/2017+	92	6	0.00	16.470528	0.38	‡	0.45	16.474817	0.41	‡	0.35
JNL/PPM America Floating Rate Income Fund - Class A
12/31/2020	996,247	83,685	0.00	9.190267	(3.39	)	3.90	13.577305	0.46		0.00
12/31/2019	1,312,217	109,366	0.00	9.512316	4.07		3.90	13.515535	8.21		0.00
12/31/2018	1,502,673	133,983	3.32	9.140474	(4.28	)‡	3.90	12.490145	(1.02	)	0.00
12/31/2017	1,362,837	118,852	3.24	10.153435	(0.22	)	3.11	12.619079	2.54	‡	0.00
12/31/2016	1,282,976	113,730	4.44	10.175792	6.08		3.11	12.042514	2.25	‡	0.30
JNL/PPM America Floating Rate Income Fund - Class I
12/31/2020	5,324	467	0.00	11.278731	0.28		0.45	11.315621	0.38		0.35
12/31/2019	5,676	500	0.00	11.247724	8.11		0.45	11.273238	8.22		0.35
12/31/2018	5,307	498	6.26	10.404035	(1.27	)	0.45	10.417213	(1.17	)	0.35
12/31/2017+	105	10	0.00	10.537650	0.84	‡	0.45	10.540387	0.86	‡	0.35
JNL/PPM America High Yield Bond Fund - Class A
12/31/2020	1,310,104	53,674	0.00	14.529948	1.38		3.61	33.138432	5.11		0.00
12/31/2019	1,469,608	62,574	0.00	14.332013	10.53		3.61	31.528015	14.59		0.00
12/31/2018	1,330,366	64,412	5.72	12.966775	(8.68	)	3.61	27.512574	(5.30	)	0.00
12/31/2017	1,640,330	74,596	5.76	14.199066	3.69		3.61	29.053204	6.23	‡	0.00
12/31/2016	1,627,384	78,947	0.18	13.694017	12.89		3.61	25.547388	3.38	‡	0.30
JNL/PPM America High Yield Bond Fund - Class I
12/31/2020	7,031	210	0.00	34.304419	4.98		0.45	32.506182	5.13		0.30
12/31/2019	10,658	334	0.00	32.678149	14.40		0.45	30.918754	3.91	‡	0.30
12/31/2018	2,596	92	8.14	28.564040	(5.43	)	0.45	28.600242	(5.34	)	0.35
12/31/2017+	150	5	0.00	30.204988	1.29	‡	0.45	30.212873	1.32	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/PIMCO Investment Grade Credit Bond Fund - Class I - September 25, 2017; JNL/PIMCO Real Return Fund - Class I - September 25, 2017; JNL/PPM America Floating Rate Income Fund - Class I - September 25, 2017; JNL/PPM America High Yield Bond Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

163

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/PPM America Small Cap Value Fund - Class A
12/31/2020	367,028	18,169	0.00	14.631825	(7.01	)	3.90	23.164452	(3.60	)	0.30
12/31/2019	477,385	22,579	0.00	15.734539	17.47		3.90	24.029339	21.77		0.30
12/31/2018	514,978	29,354	0.58	13.395066	(17.30	)‡	3.90	19.733255	(20.41	)	0.30
12/31/2017	817,668	36,797	0.34	17.955553	13.02		3.61	24.794557	16.82		0.30
12/31/2016	727,297	37,962	0.06	15.886680	25.94		3.61	21.225337	16.21	‡	0.30
JNL/PPM America Small Cap Value Fund - Class I
12/31/2020	1,045	42	0.00	24.854942	(3.48	)	0.45	24.936176	(3.39	)	0.35
12/31/2019	1,352	53	0.00	25.751557	21.93		0.45	25.809893	22.05		0.35
12/31/2018	1,395	66	1.28	21.119706	(20.30	)	0.45	21.146395	(20.22	)	0.35
12/31/2017+	134	5	0.00	26.499344	6.07	‡	0.45	26.506157	6.10	‡	0.35
JNL/PPM America Total Return Fund - Class A
12/31/2020	760,691	39,194	0.00	16.384387	0.88	‡	2.70	22.661668	9.85		0.00
12/31/2019	419,541	23,401	0.00	15.580798	7.29		2.55	20.629599	10.06		0.00
12/31/2018	304,001	18,470	2.29	14.522181	(3.73	)	2.55	18.743836	(1.23	)	0.00
12/31/2017	297,882	17,667	2.27	15.085052	1.66		2.55	18.977948	4.10	‡	0.00
12/31/2016+	233,731	14,313	4.76	14.839165	3.03	‡	2.55	17.769031	(1.64	)‡	0.30
JNL/PPM America Total Return Fund - Class I
12/31/2020	9,017	566	0.00	14.198838	9.75		0.45	14.245294	9.86		0.35
12/31/2019	3,864	260	0.00	12.937519	9.85		0.45	12.966877	9.96		0.35
12/31/2018	2,353	170	4.25	11.777187	(1.41	)	0.45	11.792114	(1.31	)	0.35
12/31/2017+	119	10	0.00	11.945995	0.47	‡	0.45	11.949108	0.50	‡	0.35
JNL/RAFI Fundamental Asia Developed Fund - Class A
12/31/2020	176,080	8,127	0.00	17.483503	1.31		3.06	25.423779	4.46		0.00
12/31/2019	204,584	9,751	3.88	17.257357	12.39		3.06	24.338623	15.88		0.00
12/31/2018	208,937	11,403	4.17	15.354881	(16.47	)	3.06	21.002919	(13.86	)	0.00
12/31/2017	295,472	13,737	3.33	18.383350	19.54		3.06	24.383454	20.15	‡	0.00
12/31/2016	208,586	11,828	1.95	15.379017	6.31		3.06	19.304291	2.43	‡	0.30
JNL/RAFI Fundamental Asia Developed Fund - Class I
12/31/2020	827	33	0.00	24.743551	4.32		0.45	25.048171	4.43		0.35
12/31/2019	445	19	4.53	23.718583	15.77		0.45	23.986595	15.88		0.35
12/31/2018+	149	7	11.00	20.488419	(8.18	)‡	0.45	20.699226	(6.18	)‡	0.35
JNL/RAFI Fundamental Europe Fund - Class A
12/31/2020	246,720	15,951	6.08	11.268729	18.28	‡	3.90	18.166974	(0.95	)	0.00
12/31/2019	293,869	18,586	5.16	12.952627	11.06		3.10	18.341320	14.55		0.00
12/31/2018	319,616	22,894	3.11	11.663101	(17.41	)	3.10	16.011718	(14.80	)	0.00
12/31/2017	451,987	27,300	3.11	14.121117	19.98		3.10	18.792194	21.79	‡	0.00
12/31/2016	323,938	23,924	2.90	11.769941	(4.82	)	3.10	14.818133	(3.14	)‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/PPM America Small Cap Value Fund - Class I - September 25, 2017; JNL/PPM America Total Return Fund - Class A - April 25, 2016; JNL/PPM America Total Return Fund - Class I - September 25, 2017; JNL/RAFI Fundamental Asia Developed Fund - Class I - August 13, 2018.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

164

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/RAFI Fundamental Europe Fund - Class I
12/31/2020	454	26	6.82	17.668587	(1.02	)	0.45	17.886077	(0.92	)	0.35
12/31/2019	476	27	5.75	17.850243	14.35		0.45	18.051926	14.46		0.35
12/31/2018+	194	12	5.26	15.610291	(8.54	)‡	0.45	15.770901	(6.87	)‡	0.35
JNL/RAFI Fundamental U.S. Small Cap Fund - Class A
12/31/2020	388,632	21,769	0.00	13.105775	4.77		3.61	21.470986	8.62		0.00
12/31/2019+	398,125	23,942	1.88	12.509504	9.58		3.61	19.767458	13.61		0.00
12/31/2018	384,172	25,871	0.61	11.415569	(25.70	)	3.61	17.399197	(22.96	)	0.00
12/31/2017	550,343	28,245	0.98	15.364910	(5.67	)	3.61	22.583793	(1.90	)‡	0.00
12/31/2016	780,959	38,793	2.38	16.288826	29.65		3.61	22.436175	20.21	‡	0.30
JNL/RAFI Fundamental U.S. Small Cap Fund - Class I
12/31/2020	2,155	99	0.00	21.806361	8.53		0.45	21.877451	8.63		0.35
12/31/2019+	1,179	59	1.89	20.093294	13.52		0.45	20.138668	13.64		0.35
12/31/2018	853	48	3.49	17.699818	(23.08	)	0.45	17.722060	(23.00	)	0.35
12/31/2017	27	1	0.00	23.009890	5.28	‡	0.45	23.015644	5.31	‡	0.35
JNL/RAFI Multi-Factor U.S. Equity Fund - Class A
12/31/2020	2,356,466	95,265	0.00	10.847843	3.03		6.50	31.192876	9.95		0.00
12/31/2019+	2,563,416	112,356	2.60	10.528729	5.34	‡	6.50	28.369809	8.27	‡	0.00
12/31/2018	2,498,352	129,293	2.18	11.312120	(15.31	)‡	5.20	22.742591	(10.00	)‡	0.30
12/31/2017	3,269,999	150,696	2.16	15.684916	10.38	‡	3.90	26.292066	13.44	‡	0.00
12/31/2016	2,748,415	146,108	2.47	14.305005	8.12		3.70	21.675909	3.91	‡	0.30
JNL/RAFI Multi-Factor U.S. Equity Fund - Class I
12/31/2020	5,230	165	0.00	31.812477	9.78		0.45	31.916543	9.89		0.35
12/31/2019+	5,712	199	3.19	28.977185	19.22		0.45	29.042917	19.34		0.35
12/31/2018	4,931	205	4.66	24.305745	(9.87	)	0.45	24.336539	(9.78	)	0.35
12/31/2017	587	22	0.00	26.966479	7.06	‡	0.45	26.973511	7.09	‡	0.35
JNL/T. Rowe Price Balanced Fund - Class A
12/31/2020	474,608	33,426	0.00	13.203351	15.89	‡	2.15	15.240011	11.98		0.00
12/31/2019	481,521	37,499	0.00	12.677727	21.53		1.25	13.610013	23.06		0.00
12/31/2018	453,455	43,058	0.00	10.431994	(8.14	)	1.25	11.060014	(6.98	)	0.00
12/31/2017	183,701	16,046	0.00	11.356706	14.12		1.25	11.890000	14.11	‡	0.00
12/31/2016	181,444	18,131	0.00	9.951751	1.83		1.25	10.058753	2.24		0.85
JNL/T. Rowe Price Balanced Fund - Class I
12/31/2020+	659	44	0.00	15.155609	26.30	‡	0.45	15.155609	26.30	‡	0.45

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/RAFI Fundamental Europe Fund - Class I - August 13, 2018; JNL/RAFI Fundamental U.S. Small Cap Fund - Class I - September 25, 2017; JNL/RAFI Multi-Factor U.S. Equity Fund - Class I - September 25, 2017; JNL/T. Rowe Price Balanced Fund - Class I - April 27, 2020. On June 24, 2019, JNL/RAFI Fundamental U.S. Small Cap Fund and JNL/RAFI Multi-Factor U.S. Equity Fund completed the acquisition of JNL/MC S&P SMid 60 Fund and JNL/MC JNL 5 Fund, respectively, each a separate series in JNL Variable Fund LLC. JNL/MC JNL 5 Fund and JNL/MC S&P SMid 60 Fund, respectively, are considered the accounting survivors for financial reporting purposes, and as a result, the Financial Highlights reflects activity of the funds formerly in JNL Variable Fund LLC for periods prior to June 24, 2019.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

165

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/T. Rowe Price Capital Appreciation Fund - Class A
12/31/2020	7,864,909	386,758	0.00	17.844003	13.95		3.05	22.289308	17.48		0.00
12/31/2019	5,451,154	310,960	0.00	15.659223	1.71	‡	3.05	18.972909	24.06		0.00
12/31/2018	2,996,911	209,096	0.64	13.363852	(2.14	)	2.55	15.292871	0.40		0.00
12/31/2017	2,095,782	144,829	0.84	13.656158	5.76	‡	2.55	15.231704	13.45	‡	0.00
12/31/2016	793,775	61,907	0.29	12.734276	6.43		1.25	12.902874	6.86		0.85
JNL/T. Rowe Price Capital Appreciation Fund - Class I
12/31/2020	134,641	6,402	0.00	21.425142	15.71	‡	0.75	20.902577	17.44		0.35
12/31/2019	72,860	4,063	0.00	17.758371	23.88		0.45	17.798638	24.01		0.35
12/31/2018	20,423	1,412	1.24	14.334665	0.22		0.45	14.352814	0.32		0.35
12/31/2017+	788	55	0.00	14.303237	3.27	‡	0.45	14.306955	3.30	‡	0.35
JNL/T. Rowe Price Established Growth Fund - Class A
12/31/2020	8,695,652	69,365	0.00	30.882244	28.07		6.80	176.675010	37.09		0.00
12/31/2019	6,861,910	74,219	0.00	24.112941	22.51		6.80	128.878871	31.13		0.00
12/31/2018	5,444,728	76,571	0.07	19.682388	(13.36	)‡	6.80	98.281895	(1.42	)	0.00
12/31/2017	5,403,325	74,380	0.06	31.417594	16.79	‡	5.10	99.697798	28.51	‡	0.00
12/31/2016	3,344,432	60,976	0.00	32.016573	(2.45	)	3.91	69.932075	0.82	‡	0.30
JNL/T. Rowe Price Established Growth Fund - Class I
12/31/2020	89,079	500	0.00	151.901013	11.76	‡	0.80	184.377199	37.02		0.35
12/31/2019	44,956	345	0.00	134.261335	30.95		0.45	134.564873	31.08		0.35
12/31/2018	21,133	212	0.42	102.525956	(1.58	)	0.45	102.655821	(1.48	)	0.35
12/31/2017+	889	9	0.00	104.169828	7.64	‡	0.45	104.196948	7.66	‡	0.35
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A
12/31/2020	5,961,539	36,176	0.00	85.915479	18.81		3.91	219.596031	23.24		0.25
12/31/2019	5,518,630	40,942	0.00	72.311173	26.44		3.91	178.181452	31.15		0.25
12/31/2018	4,405,857	42,575	0.00	57.190331	(6.22	)	3.91	135.858667	(2.70	)	0.25
12/31/2017	4,606,567	43,054	0.00	60.980690	19.71		3.91	139.628442	24.16		0.25
12/31/2016	3,355,490	38,772	0.00	50.941809	2.02		3.91	112.461344	0.59	‡	0.25
JNL/T. Rowe Price Mid-Cap Growth Fund - Class I
12/31/2020	48,931	205	0.00	201.393395	22.95		0.80	244.448851	23.50		0.35
12/31/2019	33,387	172	0.00	163.807059	10.38	‡	0.80	197.934141	31.38		0.35
12/31/2018	14,918	101	0.00	150.463056	(2.59	)	0.45	150.653097	(2.49	)	0.35
12/31/2017+	1,011	7	0.00	154.461046	5.27	‡	0.45	154.500734	5.29	‡	0.35
JNL/T. Rowe Price Short-Term Bond Fund - Class A
12/31/2020	1,406,984	128,092	0.00	7.790801	0.25		3.61	13.232514	3.93		0.00
12/31/2019	1,089,492	101,965	0.00	7.771538	0.40		3.61	12.731754	4.09		0.00
12/31/2018	1,024,454	99,176	1.41	7.740333	(2.50	)	3.61	12.231017	1.10		0.00
12/31/2017	936,682	90,718	1.41	7.938979	(2.43	)	3.61	12.097714	1.04	‡	0.00
12/31/2016	986,934	95,653	1.24	8.136878	(2.16	)	3.61	11.584897	(0.48	)‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/T. Rowe Price Capital Appreciation Fund - Class I - September 25, 2017; JNL/T. Rowe Price Established Growth Fund - Class I - September 25, 2017; JNL/T. Rowe Price Mid-Cap Growth Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

166

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/T. Rowe Price Short-Term Bond Fund - Class I
12/31/2020	18,059	1,353	0.00	13.484949	3.80		0.45	13.095143	3.96		0.30
12/31/2019	11,448	889	0.00	12.990821	3.89		0.45	12.596392	2.29	‡	0.30
12/31/2018	3,549	285	2.76	12.504632	1.05		0.45	12.520498	1.15		0.35
12/31/2017+	192	16	0.00	12.374772	(0.22	)‡	0.45	12.378009	(0.19	)‡	0.35
JNL/T. Rowe Price U.S. High Yield Fund - Class A
12/31/2020	138,409	11,904	0.00	10.690965	0.34		3.05	12.333205	3.45		0.00
12/31/2019	127,011	11,171	0.00	10.654667	2.98	‡	3.05	11.922097	10.20		0.00
12/31/2018	81,391	7,795	5.00	10.089035	(4.92	)‡	2.60	10.818605	(2.09	)	0.00
12/31/2017	61,418	5,685	2.55	10.611053	2.26		2.40	11.049552	4.04	‡	0.00
12/31/2016+	25,679	2,456	0.00	10.376368	4.93	‡	2.40	10.528510	2.54	‡	0.30
JNL/T. Rowe Price U.S. High Yield Fund - Class I
12/31/2020	2,057	173	0.00	11.996249	3.37		0.45	12.035531	3.47		0.35
12/31/2019	1,453	127	0.00	11.605222	10.00		0.45	11.631552	10.11		0.35
12/31/2018	981	93	10.35	10.550360	(2.20	)	0.45	10.563724	(2.10	)	0.35
12/31/2017+	85	8	0.00	10.787354	0.16	‡	0.45	10.790169	0.19	‡	0.35
JNL/T. Rowe Price Value Fund - Class A
12/31/2020	2,111,055	54,809	0.00	22.518536	6.04		3.91	50.533951	10.27		0.00
12/31/2019	1,961,880	55,559	0.00	21.236513	21.27		3.91	45.829426	26.11		0.00
12/31/2018	1,629,905	57,614	1.17	17.511303	(13.06	)	3.91	36.341015	(9.58	)	0.00
12/31/2017	1,950,172	61,797	1.63	20.142597	14.16		3.91	40.190122	17.80	‡	0.00
12/31/2016	1,508,137	56,106	1.89	17.643887	6.60		3.91	32.210383	4.41	‡	0.30
JNL/T. Rowe Price Value Fund - Class I
12/31/2020	22,274	435	0.00	52.052238	10.10		0.45	52.222483	10.21		0.35
12/31/2019	12,740	273	0.00	47.278868	25.96		0.45	47.386162	26.09		0.35
12/31/2018	6,377	172	2.43	37.534923	(9.71	)	0.45	37.582500	(9.62	)	0.35
12/31/2017+	438	11	0.00	41.570495	6.81	‡	0.45	41.581352	6.84	‡	0.35
JNL/Vanguard Capital Growth Fund - Class A
12/31/2020	425,300	28,406	0.00	14.183075	13.27		3.05	15.589999	16.78		0.00
12/31/2019	368,352	28,366	0.00	12.521376	22.05		3.05	13.349999	25.82		0.00
12/31/2018	250,967	23,938	0.00	10.259593	(10.64	)‡	3.05	10.609999	(1.76	)	0.00
12/31/2017+	66,404	6,139	0.00	10.785278	1.68	‡	2.45	10.799999	8.54	‡	0.00
JNL/Vanguard Capital Growth Fund - Class I
12/31/2020	10,460	673	0.00	15.530090	16.65		0.45	15.580883	16.77		0.35
12/31/2019	8,205	616	0.00	13.313562	25.61		0.45	13.343762	25.73		0.35
12/31/2018	5,079	479	0.00	10.599456	(1.92	)	0.45	10.612884	(1.82	)	0.35
12/31/2017+	113	10	0.00	10.807333	8.62	‡	0.45	10.810146	8.64	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/T. Rowe Price Short-Term Bond Fund - Class I - September 25, 2017; JNL/T. Rowe Price U.S. High Yield Fund - Class A - April 25, 2016; JNL/T. Rowe Price U.S. High Yield Fund - Class I - September 25, 2017; JNL/T. Rowe Price Value Fund - Class I - September 25, 2017; JNL/Vanguard Capital Growth Fund - Class A - September 25, 2017; JNL/Vanguard Capital Growth Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

167

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Vanguard Equity Income Fund - Class A
12/31/2020	500,705	41,297	0.00	11.627116	(0.04	)	2.60	12.670000	2.59		0.00
12/31/2019	327,446	27,374	0.00	11.631875	0.97	‡	2.60	12.350000	23.75		0.00
12/31/2018	139,346	14,207	0.00	9.647883	(6.30	)‡	2.60	9.980000	(6.47	)	0.00
12/31/2017+	24,477	2,304	0.00	10.593100	3.91	‡	2.40	10.670000	6.59	‡	0.00
JNL/Vanguard Equity Income Fund - Class I
12/31/2020	14,029	1,118	0.00	12.467187	2.15		0.80	12.672443	2.67		0.30
12/31/2019	9,094	745	0.00	12.204333	9.98	‡	0.80	12.343388	10.76	‡	0.30
12/31/2018	3,047	306	0.00	9.973021	(6.60	)	0.45	9.985657	(6.50	)	0.35
12/31/2017+	280	26	0.00	10.677475	6.67	‡	0.45	10.680264	6.70	‡	0.35
JNL/Vanguard Global Bond Market Index Fund - Class A
12/31/2020	178,436	16,218	0.00	10.526299	2.77		2.70	11.520000	5.59		0.00
12/31/2019	122,884	11,668	0.00	10.242215	(0.47	)‡	2.70	10.910000	7.59		0.00
12/31/2018	63,363	6,364	0.00	9.798329	0.07	‡	2.55	10.140000	0.90		0.00
12/31/2017+	11,763	1,177	0.00	9.967538	0.08	‡	2.40	10.050000	0.30	‡	0.00
JNL/Vanguard Global Bond Market Index Fund - Class I
12/31/2020	4,761	415	0.00	11.470104	5.34		0.45	11.507682	5.45		0.35
12/31/2019	3,804	349	0.00	10.888332	7.57		0.45	10.913109	7.68		0.35
12/31/2018	1,210	120	0.00	10.122103	0.74		0.45	10.135004	0.84		0.35
12/31/2017+	15	2	0.00	10.048158	0.28	‡	0.45	10.050843	0.31	‡	0.35
JNL/Vanguard Growth ETF Allocation Fund - Class A
12/31/2020	589,736	45,597	0.00	12.412129	10.79		2.55	13.490000	13.65		0.00
12/31/2019	392,365	34,069	0.00	11.203537	19.78		2.55	11.870000	22.88		0.00
12/31/2018	229,380	24,141	0.00	9.353158	(10.24	)‡	2.55	9.660000	(7.91	)	0.00
12/31/2017+	39,623	3,790	0.00	10.423319	1.34	‡	2.45	10.490000	4.90	‡	0.00
JNL/Vanguard Growth ETF Allocation Fund - Class I
12/31/2020	29,326	2,175	0.00	13.327286	13.19		0.80	13.524546	13.70		0.35
12/31/2019	20,134	1,696	0.00	11.774642	9.00	‡	0.80	11.895307	22.92		0.35
12/31/2018	9,326	965	0.00	9.664785	(7.93	)	0.45	9.677037	(7.84	)	0.35
12/31/2017+	801	76	0.00	10.497689	4.98	‡	0.45	10.500428	5.00	‡	0.35
JNL/Vanguard International Fund - Class A
12/31/2020	1,169,440	65,557	0.00	16.882390	52.02		3.00	18.360002	56.66		0.00
12/31/2019	593,931	51,505	0.00	11.105028	26.65		3.00	11.720002	30.51		0.00
12/31/2018	412,463	46,069	0.00	8.768068	(19.41	)‡	3.00	8.980002	(13.15	)	0.00
12/31/2017+	73,360	7,021	0.00	10.416236	0.76	‡	2.60	10.340002	4.87	‡	0.00

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Vanguard Equity Income Fund - Class A - September 25, 2017; JNL/Vanguard Equity Income Fund - Class I - September 25, 2017; JNL/Vanguard Global Bond Market Index Fund - Class A - September 25, 2017; JNL/Vanguard Global Bond Market Index Fund - Class I - September 25, 2017; JNL/Vanguard Growth ETF Allocation Fund - Class A - September 25, 2017; JNL/Vanguard Growth ETF Allocation Fund - Class I - September 25, 2017; JNL/Vanguard International Fund - Class A - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

168

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Vanguard International Fund - Class I
12/31/2020	28,847	1,579	0.00	18.308530	55.91		0.80	18.319384	56.62		0.35
12/31/2019	11,324	972	0.00	11.742650	16.29	‡	0.80	11.696871	30.40		0.35
12/31/2018	5,753	641	0.00	8.958818	(13.26	)	0.45	8.970170	(13.17	)	0.35
12/31/2017+	209	20	0.00	10.327890	4.75	‡	0.45	10.330587	4.77	‡	0.35
JNL/Vanguard International Stock Market Index Fund - Class A
12/31/2020	406,050	35,461	0.00	10.747863	7.20		3.30	11.900000	10.80		0.00
12/31/2019	312,215	29,841	0.00	10.026291	(0.22	)‡	3.30	10.740000	20.95		0.00
12/31/2018	203,704	23,223	0.00	8.649877	(17.17	)	2.55	8.880000	(15.02	)	0.00
12/31/2017+	114,723	10,965	0.00	10.443514	3.56	‡	2.55	10.450000	5.13	‡	0.00
JNL/Vanguard International Stock Market Index Fund - Class I
12/31/2020	10,657	900	0.00	11.834793	10.70		0.45	11.964683	10.87		0.30
12/31/2019	7,833	733	0.00	10.690446	20.67		0.45	10.791579	10.10	‡	0.30
12/31/2018	4,433	500	0.00	8.859396	(15.12	)	0.45	8.870614	(15.04	)	0.35
12/31/2017+	189	18	0.00	10.437767	5.01	‡	0.45	10.440481	5.04	‡	0.35
JNL/Vanguard Moderate ETF Allocation Fund - Class A
12/31/2020	444,533	37,363	0.00	11.344495	6.73		2.70	12.390001	9.65		0.00
12/31/2019	299,395	27,289	0.00	10.629522	10.34	‡	2.70	11.300001	15.78		0.00
12/31/2018	130,765	13,613	0.00	9.468530	(6.86	)	2.40	9.760001	(4.59	)	0.00
12/31/2017+	28,653	2,810	0.00	10.166402	0.47	‡	2.40	10.230001	2.30	‡	0.00
JNL/Vanguard Moderate ETF Allocation Fund - Class I
12/31/2020	13,906	1,123	0.00	12.376768	9.58		0.45	12.417254	9.69		0.35
12/31/2019	10,627	941	0.00	11.294255	15.67		0.45	11.319872	15.79		0.35
12/31/2018	6,140	629	0.00	9.764226	(4.53	)	0.45	9.776595	(4.44	)	0.35
12/31/2017+	135	13	0.00	10.228014	2.28	‡	0.45	10.230677	2.31	‡	0.35
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A
12/31/2020	570,137	45,961	0.00	11.799541	8.80	‡	2.80	12.930000	11.66		0.00
12/31/2019	362,388	32,245	0.00	10.930017	16.38	‡	2.55	11.580000	19.38		0.00
12/31/2018	199,470	20,887	0.00	9.386557	(11.06	)‡	2.60	9.700000	(6.46	)	0.00
12/31/2017+	45,149	4,368	0.00	10.305507	2.20	‡	2.40	10.370000	3.70	‡	0.00
JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
12/31/2020	20,270	1,569	0.00	12.918747	11.55		0.45	12.960975	11.66		0.35
12/31/2019	14,593	1,260	0.00	11.581316	19.46		0.45	11.607568	19.58		0.35
12/31/2018	8,473	874	0.00	9.694624	(6.49	)	0.45	9.706888	(6.40	)	0.35
12/31/2017+	340	33	0.00	10.367852	3.68	‡	0.45	10.370544	3.71	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Vanguard International Fund - Class I - September 25, 2017; JNL/Vanguard International Stock Market Index Fund - Class A - September 25, 2017; JNL/Vanguard International Stock Market Index Fund - Class I - September 25, 2017; JNL/Vanguard Moderate ETF Allocation Fund - Class A - September 25, 2017; JNL/Vanguard Moderate ETF Allocation Fund - Class I - September 25, 2017; JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A - September 25, 2017; JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

169

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Vanguard Small Company Growth Fund - Class A
12/31/2020	211,964	14,281	0.00	14.000296	18.70		3.05	15.420012	22.38		0.00
12/31/2019	255,060	20,773	0.00	11.794240	23.45		3.05	12.600014	27.27		0.00
12/31/2018	250,011	25,619	0.00	9.553936	(19.20	)‡	3.05	9.900018	(7.82	)	0.00
12/31/2017+	52,018	4,846	0.00	10.702340	3.72	‡	2.50	10.740001	7.72	‡	0.00
JNL/Vanguard Small Company Growth Fund - Class I
12/31/2020	5,531	362	0.00	15.352653	22.22		0.45	15.402931	22.34		0.35
12/31/2019	5,272	421	0.00	12.561222	27.09		0.45	12.589757	27.22		0.35
12/31/2018	3,201	324	0.00	9.883506	(7.95	)	0.45	9.896053	(7.86	)	0.35
12/31/2017+	98	9	0.00	10.737372	7.70	‡	0.45	10.740208	7.73	‡	0.35
JNL/Vanguard U.S. Stock Market Index Fund - Class A
12/31/2020	788,063	52,103	0.00	14.312325	16.57		3.05	15.779986	20.18		0.00
12/31/2019	517,915	40,677	0.00	12.277636	26.22		3.05	13.129987	30.13		0.00
12/31/2018	236,799	23,815	0.00	9.727307	(9.87	)‡	3.05	10.089986	(5.79	)	0.00
12/31/2017+	47,661	4,457	0.00	10.659332	4.06	‡	2.60	10.709990	7.31	‡	0.00
JNL/Vanguard U.S. Stock Market Index Fund - Class I
12/31/2020	23,954	1,521	0.00	15.727130	20.09		0.45	15.836065	20.27		0.30
12/31/2019	13,974	1,066	0.00	13.095762	29.89		0.45	13.166698	12.09	‡	0.30
12/31/2018	4,959	492	0.00	10.082382	(5.84	)	0.45	10.095182	(5.74	)	0.35
12/31/2017+	102	10	0.00	10.707422	7.29	‡	0.45	10.710240	7.32	‡	0.35
JNL/WCM Focused International Equity Fund - Class A
12/31/2020	387,246	17,756	0.29	19.171359	28.05		3.05	23.947193	32.01		0.00
12/31/2019	235,077	14,044	0.73	14.971998	3.71	‡	3.05	18.140222	35.48		0.00
12/31/2018	58,982	4,686	0.00	11.545625	(12.73	)‡	2.80	13.390049	(7.85	)	0.00
12/31/2017	31,124	2,237	0.37	13.772488	30.02		1.25	14.530276	27.48	‡	0.00
12/31/2016	12,386	1,160	0.10	10.592981	(1.12	)	1.25	10.733195	(0.73	)	0.85
JNL/WCM Focused International Equity Fund - Class I
12/31/2020	9,556	404	0.47	23.687400	31.82		0.45	23.764720	31.95		0.35
12/31/2019	4,231	236	0.73	17.969816	35.21		0.45	18.010454	35.35		0.35
12/31/2018	1,614	122	1.03	13.289935	(7.98	)	0.45	13.306674	(7.89	)	0.35
12/31/2017+	26	2	0.00	14.443184	5.35	‡	0.45	14.446834	5.37	‡	0.35
JNL/Westchester Capital Event Driven Fund - Class A
12/31/2020	38,756	3,242	0.00	10.935486	3.37		2.80	12.822860	6.30		0.00
12/31/2019	45,929	4,043	0.00	10.579063	7.97	‡	2.80	12.062833	11.77		0.00
12/31/2018	25,623	2,482	0.00	9.881465	0.24	‡	2.40	10.792489	4.94		0.00
12/31/2017	4,476	447	2.54	9.946650	4.26		1.25	10.284735	4.92	‡	0.00
12/31/2016	3,252	340	0.11	9.539835	1.38		1.25	9.604023	1.79		0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Vanguard Small Company Growth Fund - Class A - September 25, 2017; JNL/Vanguard Small Company Growth Fund - Class I - September 25, 2017; JNL/Vanguard U.S. Stock Market Index Fund - Class A - September 25, 2017; JNL/Vanguard U.S. Stock Market Index Fund - Class I - September 25, 2017; JNL/WCM Focused International Equity Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

170

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Westchester Capital Event Driven Fund - Class I
12/31/2020	743	59	0.00	12.419508	6.12		0.45	12.460198	6.22		0.35
12/31/2019	668	57	0.00	11.703731	11.65		0.45	11.730339	11.77		0.35
12/31/2018	285	27	1.69	10.482093	4.73		0.45	10.495425	4.84		0.35
12/31/2017+	5	0	0.00	10.008556	0.79	‡	0.45	10.011156	0.82	‡	0.35
JNL/WMC Balanced Fund - Class A
12/31/2020	8,613,751	144,262	0.00	14.580507	1.21		6.80	83.410741	8.33		0.00
12/31/2019	8,382,356	150,402	0.00	14.406893	13.48		6.80	76.998991	21.46		0.00
12/31/2018	6,996,799	151,047	1.63	12.695667	(8.18	)‡	6.80	63.394483	(3.41	)	0.00
12/31/2017	7,348,459	151,819	1.42	20.682853	4.14	‡	5.10	65.633219	11.83	‡	0.00
12/31/2016	6,047,243	139,519	1.39	25.642874	6.70		3.80	55.272843	3.59	‡	0.25
JNL/WMC Balanced Fund - Class I
12/31/2020	49,119	580	0.00	86.725403	8.17		0.45	87.009200	8.27		0.35
12/31/2019	34,219	438	0.00	80.177550	21.30		0.45	80.359519	21.42		0.35
12/31/2018	14,633	223	3.07	66.100686	(3.59	)	0.45	66.184488	(3.49	)	0.35
12/31/2017+	1,109	16	0.00	68.561867	4.31	‡	0.45	68.579796	4.34	‡	0.35
JNL/WMC Government Money Market Fund - Class A
12/31/2020	2,259,747	188,938	0.19	2.902069	(6.38	)	6.80	16.602591	0.21		0.00
12/31/2019	1,190,470	98,667	1.53	3.099812	(5.11	)‡	6.80	16.567918	1.54		0.00
12/31/2018	1,354,360	113,987	1.13	6.724611	(2.61	)	3.75	16.317035	1.13		0.00
12/31/2017	1,125,631	95,348	0.12	6.904777	(3.54	)	3.75	16.134199	0.13	‡	0.00
12/31/2016	1,512,918	127,521	0.00	7.158319	(3.67	)	3.75	15.102402	(0.08	)‡	0.30
JNL/WMC Government Money Market Fund - Class I
12/31/2020	40,752	2,466	0.27	17.046237	(0.14	)	0.45	17.102154	(0.04	)	0.35
12/31/2019	13,001	781	1.97	17.070022	1.54		0.45	17.108767	1.64		0.35
12/31/2018	12,197	742	1.79	16.811350	1.18		0.45	16.832667	1.28		0.35
12/31/2017+	883	53	0.94	16.615009	0.12	‡	0.45	16.619349	0.15	‡	0.35
JNL/WMC Value Fund - Class A
12/31/2020	692,118	16,185	0.00	27.973819	(2.17	)	3.70	52.039966	1.21		0.30
12/31/2019	766,540	17,994	0.00	28.594485	22.88		3.70	51.416321	27.13		0.30
12/31/2018	641,872	18,987	1.73	23.270230	(13.57	)	3.70	40.443449	(10.57	)	0.30
12/31/2017	784,224	20,572	1.67	26.924939	11.03		3.70	45.222498	14.86		0.30
12/31/2016	703,505	21,013	1.09	24.250216	9.32		3.70	39.372143	6.06	‡	0.30
JNL/WMC Value Fund - Class I
12/31/2020	3,973	72	0.00	56.353178	1.38		0.45	56.537483	1.48		0.35
12/31/2019	2,333	43	0.00	55.586775	27.28		0.45	55.712831	27.41		0.35
12/31/2018	1,082	25	3.30	43.672133	(10.46	)	0.45	43.727444	(10.37	)	0.35
12/31/2017+	102	2	0.00	48.772245	6.45	‡	0.45	48.784962	6.47	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Westchester Capital Event Driven Fund - Class I - September 25, 2017; JNL/WMC Balanced Fund - Class I - September 25, 2017; JNL/WMC Government Money Market Fund - Class I - September 25, 2017; JNL/WMC Value Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

171

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL Institutional Alt 100 Fund - Class A
12/31/2020#	—	—	0.00	9.443813	(11.36	)	1.25	10.464732	(11.01	)	0.00
12/31/2019	200,084	18,449	0.00	10.653527	9.79		1.25	11.758944	11.17		0.00
12/31/2018	230,161	23,363	0.00	9.703936	(7.00	)	1.25	10.577769	(5.82	)	0.00
12/31/2017	315,316	29,831	0.00	10.434100	3.73		1.25	11.231625	4.62	‡	0.00
12/31/2016	366,874	36,086	0.00	10.059053	(1.14	)	1.25	10.257705	(0.75	)	0.85
JNL Institutional Alt 25 Fund - Class A
12/31/2020#	—	—	0.00	13.405691	(14.03	)	3.90	19.961339	(13.05	)	0.30
12/31/2019	2,536,214	123,925	0.00	15.592728	13.91		3.90	22.956716	18.08		0.30
12/31/2018	2,509,524	143,488	0.00	13.688783	(9.20	)‡	3.90	19.440922	(7.19	)	0.30
12/31/2017	3,152,199	165,657	0.00	16.460960	10.90		3.06	20.947708	13.99		0.30
12/31/2016	1,429,520	84,713	0.00	14.843447	2.85		3.06	18.376634	0.73	‡	0.30
JNL Institutional Alt 25 Fund - Class I
12/31/2020#	—	—	0.00	16.305334	(13.01	)	0.45	16.347729	(12.98	)	0.35
12/31/2019	955	52	0.00	18.743715	18.28		0.45	18.786542	18.39		0.35
12/31/2018	505	32	0.00	15.847533	(7.04	)	0.45	15.867853	(6.94	)	0.35
12/31/2017+	113	7	0.00	17.047228	3.69	‡	0.45	17.051937	3.72	‡	0.35
JNL Institutional Alt 50 Fund - Class A
12/31/2020#	—	—	0.00	13.399508	(12.66	)	3.61	19.968990	(11.67	)	0.00
12/31/2019	2,124,644	108,836	0.00	15.342304	11.29		3.61	22.606395	15.38		0.00
12/31/2018	2,190,407	127,971	0.00	13.786039	(9.54	)	3.61	19.593026	(4.40	)‡	0.00
12/31/2017	2,775,883	150,330	0.00	15.239207	6.61		3.61	20.346990	10.19		0.30
12/31/2016	2,464,155	145,767	0.00	14.293740	0.42		3.61	18.465077	(0.28	)‡	0.30
JNL Institutional Alt 50 Fund - Class I
12/31/2020#	—	—	0.00	16.304293	(11.68	)	0.45	16.345063	(11.66	)	0.35
12/31/2019	1,198	63	0.00	18.461104	15.17		0.45	18.501454	15.28		0.35
12/31/2018	1,024	63	0.00	16.030044	(6.37	)	0.45	16.049022	(6.28	)	0.35
12/31/2017+	115	7	0.00	17.121016	3.14	‡	0.45	17.124068	3.16	‡	0.35
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class A
12/31/2020#	—	—	0.00	8.735231	(12.73	)	2.80	10.622769	(11.96	)	0.00
12/31/2019	48,753	4,341	1.76	10.009749	11.49		2.80	12.066060	14.64		0.00
12/31/2018	42,761	4,317	0.00	8.978306	(3.87	)‡	2.80	10.525416	(7.54	)	0.00
12/31/2017	42,559	3,923	3.88	10.738695	3.84		1.25	11.384156	5.26	‡	0.00
12/31/2016	35,923	3,447	4.84	10.341089	5.14		1.25	10.494170	5.56		0.85
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I
12/31/2020#	—	—	0.00	9.121566	(11.96	)	0.45	9.145061	(11.94	)	0.35
12/31/2019	1,129	105	2.05	10.361259	14.38		0.45	10.384692	14.50		0.35
12/31/2018	830	88	0.00	9.058320	(7.74	)	0.45	9.069741	(7.65	)	0.35
12/31/2017+	20	2	0.00	9.818560	2.06	‡	0.45	9.821053	2.09	‡	0.35

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL Institutional Alt 25 Fund - Class I - September 25, 2017; JNL Institutional Alt 50 Fund - Class I - September 25, 2017; JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
#	The period is from January 1, 2020 through April 24, 2020 the date the Fund was acquired. The respective acquisitions can be found in Note 1 in the Notes to Financial Statements. Unit values disclosed are as of April 21, 2020. For periods less than one year, ratios have not been annualized.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

172

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/FAMCO Flex Core Covered Call Fund - Class A
12/31/2020#	—	—	0.00	10.473673	(19.97	)	2.60	12.968936	(19.31	)	0.00
12/31/2019	144,044	9,874	0.00	13.086836	18.49		2.60	16.072742	21.61		0.00
12/31/2018	129,489	10,593	1.15	11.044643	(14.24	)‡	2.60	13.216467	(10.28	)	0.00
12/31/2017	136,141	9,843	1.77	12.790567	3.38	‡	2.40	14.731448	10.20	‡	0.00
12/31/2016	116,058	9,255	2.77	12.414564	6.75		1.25	12.659907	7.18		0.85
JNL/FAMCO Flex Core Covered Call Fund - Class I
12/31/2020#	—	—	0.00	10.971935	(19.34	)	0.45	11.000046	(19.32	)	0.35
12/31/2019	931	67	0.00	13.602925	21.42		0.45	13.633494	21.54		0.35
12/31/2018	603	53	2.29	11.203412	(10.41	)	0.45	11.217359	(10.32	)	0.35
12/31/2017+	8	1	0.00	12.505590	4.39	‡	0.45	12.508599	4.41	‡	0.35
JNL/FPA + DoubleLine Flexible Allocation Fund - Class A
12/31/2020#	—	—	0.00	9.860176	(15.89	)	3.61	14.442341	(14.93	)	0.00
12/31/2019	1,465,983	99,363	0.00	11.723156	16.69		3.61	16.977387	20.98		0.00
12/31/2018	1,430,984	115,916	1.43	10.046308	(12.06	)	3.61	14.033127	(8.81	)	0.00
12/31/2017	1,857,573	135,547	0.93	11.424695	7.13		3.61	15.389626	10.11	‡	0.00
12/31/2016	1,921,675	153,777	1.06	10.664210	0.00		3.61	13.559536	3.41	‡	0.30
JNL/FPA + DoubleLine Flexible Allocation Fund - Class I
12/31/2020#	—	—	0.00	14.605876	(14.98	)	0.45	14.643290	(14.95	)	0.35
12/31/2019	1,138	66	0.00	17.179640	20.79		0.45	17.218238	20.91		0.35
12/31/2018	598	42	3.18	14.222339	(9.00	)	0.45	14.240047	(8.90	)	0.35
12/31/2017+	3	0	0.00	15.628116	3.70	‡	0.45	15.631876	3.73	‡	0.35
JNL/Franklin Templeton Global Fund - Class A
12/31/2020#	—	—	0.00	4.935438	(20.89	)	6.50	11.244381	(19.34	)	0.30
12/31/2019	410,747	33,902	0.00	6.239095	6.78	‡	6.50	13.940231	14.17		0.30
12/31/2018	402,291	37,558	1.85	6.792840	(16.51	)‡	5.20	12.209725	(15.06	)	0.30
12/31/2017	517,991	40,703	1.68	9.691546	5.50	‡	3.90	14.375271	17.21		0.30
12/31/2016	437,911	39,965	2.07	8.821320	6.67		3.61	12.264106	4.22	‡	0.30
JNL/Franklin Templeton Global Fund - Class I
12/31/2020#	—	—	0.00	11.914157	(19.28	)	0.45	11.944936	(19.25	)	0.35
12/31/2019	1,352	93	0.00	14.759124	14.38		0.45	14.792604	14.50		0.35
12/31/2018	477	37	3.92	12.903328	(14.96	)	0.45	12.919680	(14.87	)	0.35
12/31/2017+	25	2	0.00	15.173137	3.48	‡	0.45	15.177086	3.51	‡	0.35
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A
12/31/2020#	—	—	0.00	8.904007	(15.34	)	3.61	13.511487	(14.38	)	0.00
12/31/2019	111,859	8,161	0.00	10.517904	9.12		3.61	15.780500	13.14		0.00
12/31/2018	116,819	9,544	0.22	9.638925	(11.72	)	3.61	13.947878	(8.46	)	0.00
12/31/2017	147,282	10,905	0.00	10.918944	11.03		3.61	15.236848	13.96	‡	0.00
12/31/2016	139,239	11,753	0.00	9.834246	5.19		3.61	12.343015	8.13		0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/FAMCO Flex Core Covered Call Fund - Class I - September 25, 2017; JNL/FPA + DoubleLine Flexible Allocation Fund - Class I - September 25, 2017; JNL/Franklin Templeton Global Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
#	The period is from January 1, 2020 through April 24, 2020 the date the Fund was acquired. The respective acquisitions can be found in Note 1 in the Notes to Financial Statements. Unit values disclosed are as of April 21, 2020. For periods less than one year, ratios have not been annualized.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

173

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Invesco China-India Fund - Class A
12/31/2020#	—	—	0.00	6.376221	(15.15	)	3.61	9.974528	(14.18	)	0.00
12/31/2019	500,272	50,720	0.21	7.514767	10.85		3.61	11.622998	14.92		0.00
12/31/2018	475,542	54,694	0.37	6.779422	(20.07	)	3.61	10.113870	(17.12	)	0.00
12/31/2017	690,650	65,100	0.31	8.481743	46.94		3.61	12.202373	45.78	‡	0.00
12/31/2016	372,287	52,908	1.02	5.772361	(6.82	)	3.61	7.796094	(9.58	)‡	0.30
JNL/Invesco China-India Fund - Class I
12/31/2020#	—	—	0.00	9.699782	(14.17	)	0.45	9.820816	(14.15	)	0.35
12/31/2019	1,251	111	0.68	11.301786	14.67		0.45	11.439213	14.78		0.35
12/31/2018+	291	29	2.30	9.856116	(7.89	)‡	0.45	9.965984	(13.42	)‡	0.35
JNL/Mellon S&P 1500 Growth Index Fund - Class A
12/31/2020#	—	—	0.00	11.874365	(7.52	)	3.05	12.847324	(6.63	)	0.00
12/31/2019	134,420	10,152	0.00	12.840337	25.91		3.05	13.759992	29.81		0.00
12/31/2018	130,278	12,512	0.00	10.197898	(10.19	)‡	3.05	10.599992	(1.30	)	0.00
12/31/2017+	16,352	1,528	0.00	10.673262	2.32	‡	2.40	10.740000	7.40	‡	0.00
JNL/Mellon S&P 1500 Growth Index Fund - Class I
12/31/2020#	—	—	0.00	12.812318	(6.68	)	0.45	12.845702	(6.65	)	0.35
12/31/2019	4,727	344	0.00	13.728993	29.77		0.45	13.760437	29.90		0.35
12/31/2018	1,346	127	0.00	10.579329	(1.38	)	0.45	10.592963	(1.28	)	0.35
12/31/2017+	9	1	0.00	10.727228	7.27	‡	0.45	10.730220	7.30	‡	0.35
JNL/Mellon S&P 1500 Value Index Fund - Class A
12/31/2020#	—	—	0.00	9.306170	(21.52	)	2.50	9.926895	(20.90	)	0.00
12/31/2019	98,490	8,164	0.00	11.858206	10.89	‡	2.50	12.550001	30.32		0.00
12/31/2018	32,363	3,417	0.00	9.342427	(12.69	)‡	2.40	9.630001	(10.00	)	0.00
12/31/2017+	5,582	523	0.00	10.636275	4.57	‡	2.30	10.700000	7.00	‡	0.00
JNL/Mellon S&P 1500 Value Index Fund - Class I
12/31/2020#	—	—	0.00	9.886483	(20.98	)	0.45	9.911855	(20.96	)	0.35
12/31/2019	4,706	376	0.00	12.511974	30.40		0.45	12.540145	30.53		0.35
12/31/2018	1,101	115	0.00	9.595341	(10.14	)	0.45	9.607335	(10.05	)	0.35
12/31/2017+	12	1	0.00	10.677694	6.78	‡	0.45	10.680265	6.80	‡	0.35
JNL/Neuberger Berman Currency Fund - Class A
12/31/2020#	—	—	0.00	8.692894	(3.11	)	2.40	10.434271	(2.38	)	0.00
12/31/2019	10,417	1,057	0.00	8.972173	(2.27	)	2.40	10.688764	0.10		0.00
12/31/2018	11,438	1,147	1.31	9.180477	(0.50	)‡	2.40	10.678103	1.72		0.00
12/31/2017	11,370	1,144	0.00	9.825114	0.99		1.25	10.498059	2.04	‡	0.00
12/31/2016	13,663	1,391	2.28	9.729055	(2.82	)	1.25	9.897860	(2.43	)	0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Invesco China-India Fund - Class I - August 13, 2018; JNL/Mellon S&P 1500 Growth Index Fund - Class A - September 25, 2017; JNL/Mellon S&P 1500 Growth Index Fund - Class I - September 25, 2017; JNL/Mellon S&P 1500 Value Index Fund - Class A - September 25, 2017; JNL/Mellon S&P 1500 Value Index Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
#	The period is from January 1, 2020 through April 24, 2020 the date the Fund was acquired. The respective acquisitions can be found in Note 1 in the Notes to Financial Statements. Unit values disclosed are as of April 21, 2020. For periods less than one year, ratios have not been annualized.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

174

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/Neuberger Berman Currency Fund - Class I
12/31/2020#	—	—	0.00	9.881698	(2.38	)	0.45	9.906833	(2.35	)	0.35
12/31/2019	86	8	0.00	10.122682	(0.04	)	0.45	10.145251	0.06		0.35
12/31/2018	174	17	8.34	10.126947	1.49		0.45	10.139562	1.59		0.35
12/31/2017+	2	0	0.00	9.978376	(0.12	)‡	0.45	9.980906	(0.09	)‡	0.35
JNL/Nicholas Convertible Arbitrage Fund - Class A
12/31/2020#	—	—	0.00	9.401050	(3.63	)	2.80	11.830583	(2.78	)	0.00
12/31/2019	62,320	5,570	0.00	9.755234	1.46	‡	2.80	12.169370	9.64		0.00
12/31/2018	64,975	6,294	1.96	9.667794	(2.47	)‡	2.00	11.099529	0.42		0.00
12/31/2017	74,883	7,199	3.87	10.268005	3.65		1.25	11.052845	4.43	‡	0.00
12/31/2016	85,904	8,583	0.46	9.906559	2.18		1.25	10.102176	2.59		0.85
JNL/Nicholas Convertible Arbitrage Fund - Class I
12/31/2020#	—	—	0.00	10.801050	(2.79	)	0.45	10.829047	(2.76	)	0.35
12/31/2019	129	12	0.00	11.111125	9.49		0.45	11.136421	9.60		0.35
12/31/2018	158	15	4.54	10.148441	0.30		0.45	10.161381	0.40		0.35
12/31/2017+	6	1	0.00	10.118084	0.48	‡	0.45	10.120777	0.50	‡	0.35
JNL/Oppenheimer Emerging Markets Innovator Fund - Class A
12/31/2020#	—	—	0.00	8.001947	(26.16	)	1.25	8.517333	(25.87	)	0.00
12/31/2019	39,422	3,605	0.00	10.836745	22.55		1.25	11.489499	24.09		0.00
12/31/2018	32,469	3,638	0.00	8.842681	(23.41	)	1.25	9.258859	(22.44	)	0.00
12/31/2017	36,376	3,130	0.09	11.545623	39.53		1.25	11.938030	36.59	‡	0.00
12/31/2016	8,932	1,075	0.00	8.274758	(1.70	)	1.25	8.330431	(1.31	)	0.85
JNL/PPM America Mid Cap Value Fund - Class A
12/31/2020#	—	—	0.00	9.740744	(35.09	)	3.61	15.058837	(34.35	)	0.00
12/31/2019	496,439	25,268	0.00	15.006317	15.04		3.61	22.937558	19.27		0.00
12/31/2018	444,439	26,629	0.88	13.044487	(22.95	)	3.61	19.232077	(20.10	)	0.00
12/31/2017	611,521	28,967	0.59	16.929312	8.39		3.61	24.069870	11.60	‡	0.00
12/31/2016	666,248	35,150	0.63	15.618365	22.91		3.61	20.866766	14.89	‡	0.30
JNL/PPM America Mid Cap Value Fund - Class I
12/31/2020#	—	—	0.00	15.285544	(34.38	)	0.45	15.325048	(34.36	)	0.35
12/31/2019	1,844	80	0.00	23.293528	19.09		0.45	23.346387	19.21		0.35
12/31/2018	1,106	57	1.80	19.559347	(20.20	)	0.45	19.584144	(20.12	)	0.35
12/31/2017+	46	2	0.00	24.511093	7.03	‡	0.45	24.517488	7.05	‡	0.35
JNL/PPM America Value Equity Fund - Class A
12/31/2020#	—	—	0.00	15.263478	(29.29	)	3.61	34.870910	(28.55	)	0.30
12/31/2019	188,816	5,193	0.00	21.586777	17.49		3.61	48.806785	21.44		0.30
12/31/2018	165,628	5,499	1.58	18.373416	(17.18	)	3.61	40.190527	(14.38	)	0.30
12/31/2017	216,681	6,122	1.30	22.184431	10.91		3.61	46.938194	14.63		0.30
12/31/2016	206,321	6,645	1.92	20.002824	17.32		3.61	40.948112	11.76	‡	0.30

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/Neuberger Berman Currency Fund - Class I - September 25, 2017; JNL/Nicholas Convertible Arbitrage Fund - Class I - September 25, 2017; JNL/PPM America Mid Cap Value Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
#	The period is from January 1, 2020 through April 24, 2020 the date the Fund was acquired. The respective acquisitions can be found in Note 1 in the Notes to Financial Statements. Unit values disclosed are as of April 21, 2020. For periods less than one year, ratios have not been annualized.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

175

Jackson National Separate Account I
Financial Highlights
December 31, 2020
	Investment Division Data			Highest Expense Ratio				Lowest Expense Ratio
	Net Assets	Units Outstanding	Investment Income	Unit	Total		Ratio of	Unit	Total		Ratio of
Year ended	(in thousands)($)¥	(in thousands)¥	Ratio(%)*	Value($)§	Return(%)†		Expenses(%)^	Value($)§	Return(%)†		Expenses(%)^
JNL/PPM America Value Equity Fund - Class I
12/31/2020#	—	—	0.00	39.163944	(28.52	)	0.45	39.265191	(28.50	)	0.35
12/31/2019	961	18	0.00	54.788535	21.64		0.45	54.912898	21.76		0.35
12/31/2018	291	6	3.05	45.041314	(14.24	)	0.45	45.098394	(14.15	)	0.35
12/31/2017+	—	—	0.00	52.517661	7.88	‡	0.45	52.531330	7.91	‡	0.35
JNL/S&P Mid 3 Fund - Class A
12/31/2020#	—	—	0.00	7.357939	(36.58	)	3.01	8.811949	(35.97	)	0.00
12/31/2019	207,022	16,203	1.64	11.601129	16.97		3.01	13.762849	20.55		0.00
12/31/2018	194,975	18,147	1.55	9.917861	(17.76	)	3.01	11.417027	(15.23	)	0.00
12/31/2017	290,523	22,643	1.83	12.059562	8.69		3.01	13.468599	10.49	‡	0.00
12/31/2016	276,617	23,845	1.56	11.095236	14.41		3.01	11.929264	10.65	‡	0.30
JNL/S&P Mid 3 Fund - Class I
12/31/2020#	—	—	0.00	8.848462	(36.02	)	0.45	8.871552	(36.00	)	0.35
12/31/2019	488	35	1.97	13.830551	20.51		0.45	13.862285	20.63		0.35
12/31/2018	357	31	4.37	11.476966	(15.35	)	0.45	11.491792	(15.26	)	0.35
12/31/2017+	7	1	0.00	13.557459	11.71	‡	0.45	13.561213	11.74	‡	0.35
JNL/Scout Unconstrained Bond Fund - Class A
12/31/2020#	—	—	0.00	9.609535	(3.83	)	1.25	10.356813	(3.45	)	0.00
12/31/2019	39,519	3,902	0.00	9.992260	4.34		1.25	10.727081	5.65		0.00
12/31/2018	40,687	4,202	0.00	9.576623	(1.43	)	1.25	10.153158	(0.19	)	0.00
12/31/2017	46,171	4,713	0.81	9.715831	0.42		1.25	10.172085	1.58	‡	0.00
12/31/2016	46,195	4,749	0.83	9.674734	3.24		1.25	9.778752	3.65		0.85
JNL/The London Company Focused U.S. Equity Fund - Class A
12/31/2020#	—	—	0.00	12.329071	(19.97	)	2.08	14.147336	(19.45	)	0.00
12/31/2019	32,599	1,976	1.60	15.406142	8.43	‡	2.08	17.562937	25.02		0.00
12/31/2018	22,313	1,677	0.07	12.839749	(13.38	)‡	1.70	14.048630	(8.35	)	0.00
12/31/2017	23,512	1,601	0.69	14.529442	15.92		1.25	15.328786	16.83	‡	0.00
12/31/2016	19,627	1,554	0.63	12.533610	15.21		1.25	12.699492	15.67		0.85
JNL/The London Company Focused U.S. Equity Fund - Class I
12/31/2020#	—	—	0.00	13.839321	(19.51	)	0.45	13.875124	(19.49	)	0.35
12/31/2019	1,071	62	2.25	17.194035	24.93		0.45	17.233100	25.06		0.35
12/31/2018	375	27	1.57	13.762851	(8.51	)	0.45	13.780330	(8.41	)	0.35
12/31/2017+	—	—	0.00	15.042372	8.69	‡	0.45	15.046288	8.72	‡	0.35
JNL/VanEck International Gold Fund - Class A
12/31/2020#	—	—	0.00	6.357762	6.02		1.25	6.993105	6.43		0.00
12/31/2019	63,964	10,480	0.00	5.996960	36.56		1.25	6.570392	38.28		0.00
12/31/2018	46,223	10,369	5.27	4.391315	(16.52	)	1.25	4.751431	(15.47	)	0.00
12/31/2017	56,369	10,586	4.33	5.260496	12.00		1.25	5.620806	0.37	‡	0.00
12/31/2016	53,404	11,261	0.60	4.696941	51.16		1.25	4.778472	51.76		0.85

+	The mutual fund's shares, as applicable, became available as follows for investment by the Investment Division: JNL/PPM America Value Equity Fund - Class I - September 25, 2017; JNL/S&P Mid 3 Fund - Class I - September 25, 2017; JNL/The London Company Focused U.S. Equity Fund - Class I - September 25, 2017.
*	These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund for the period indicated divided by the average net assets for the period indicated. In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the Underlying Fund. The investment income ratio for Investment Divisions initially funded during the period presented have not been annualized.
§	For an Investment Division where no contact owner allocated net premiums during the period, the unit value represents the amount at which a contract owner could contribute to that Investment Division as of December 31, 2020.
†	Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expense assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for current Investment Divisions with no activity during the year is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account. See Note 3 in the Notes to Financial Statements for additional detail on expenses. Total return for current Investment Divisions with activity for a portion of the year is calculated based on the total return of the underlying Fund for the year less expenses that are charged directly to that Investment Division of the Separate Account. Total return is not annualized if the underlying Investment Division was initially added and funded or if the Investment Division was closed during the year.
^	Annualized contract expense of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded. If no contract owner elected to allocate net premiums to a specific Investment Division for the full period, the expense ratio or range of expense ratios represents the contractual expense ratio or range of expense ratios.
¥	Some investments have a net asset and ending unit balance of less than one thousand, due to rounding it is displayed as a zero.
#	The period is from January 1, 2020 through April 24, 2020 the date the Fund was acquired. The respective acquisitions can be found in Note 1 in the Notes to Financial Statements. Unit values disclosed are as of April 21, 2020. For periods less than one year, ratios have not been annualized.
‡	Total return is calculated from the effective date or the date available for investment presented in (+) footnote through the end of the reporting period and is not annualized. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

See Notes to the Financial Statements.

176

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

NOTE 1. Organization

Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account I (the “Separate Account”) on June 14, 1993. The Separate Account commenced operations on October 16, 1995, and is a unit investment trust registered with the Securities Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board “FASB” Accounting Standards Codification (ASC) Topic 946 Financial Services – Investment Companies.

The Separate Account is a separate investment account of Jackson. Its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson but are clearly identified and distinguished from Jackson's other assets and liabilities. The contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.

The Separate Account receives and invests, based on the directions of the contract owners, net premiums for individual flexible premium variable annuity contracts issued by Jackson. The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment. The Separate Account contained three-hundred eight (308) Investment Divisions during 2020, but currently contains two-hundred seventy-three (273) Investment Divisions as of December 31, 2020. These Investment Divisions each invested in shares of the following mutual funds (collectively, the “Funds”) during the year ended December 31, 2020:

JNL® Series Trust
JNL Aggressive Growth Allocation Fund - Class A(1)	JNL/Invesco Small Cap Growth Fund - Class A
JNL Aggressive Growth Allocation Fund - Class I(1)	JNL/Invesco Small Cap Growth Fund - Class I
JNL Conservative Allocation Fund - Class A(1)	JNL/JPMorgan Global Allocation Fund - Class A
JNL Conservative Allocation Fund - Class I(1)	JNL/JPMorgan Global Allocation Fund - Class I
JNL Growth Allocation Fund - Class A(1)	JNL/JPMorgan Growth & Income Fund - Class A
JNL Growth Allocation Fund - Class I(1)	JNL/JPMorgan Growth & Income Fund - Class I
JNL iShares Tactical Growth Fund - Class A	JNL/JPMorgan Hedged Equity Fund - Class A
JNL iShares Tactical Growth Fund - Class I	JNL/JPMorgan Hedged Equity Fund - Class I
JNL iShares Tactical Moderate Fund - Class A	JNL/JPMorgan MidCap Growth Fund - Class A
JNL iShares Tactical Moderate Fund - Class I	JNL/JPMorgan MidCap Growth Fund - Class I
JNL iShares Tactical Moderate Growth Fund - Class A	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A
JNL iShares Tactical Moderate Growth Fund - Class I	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I
JNL Moderate Allocation Fund - Class A(1)	JNL/Lazard International Strategic Equity Fund - Class A
JNL Moderate Allocation Fund - Class I(1)	JNL/Lazard International Strategic Equity Fund - Class I
JNL Moderate Growth Allocation Fund - Class A(1)	JNL/Loomis Sayles Global Growth Fund - Class A
JNL Moderate Growth Allocation Fund - Class I(1)	JNL/Loomis Sayles Global Growth Fund - Class I
JNL Multi-Manager Alternative Fund - Class A	JNL/Lord Abbett Short Duration Income Fund - Class A
JNL Multi-Manager Alternative Fund - Class I	JNL/Lord Abbett Short Duration Income Fund - Class I
JNL Multi-Manager Emerging Markets Equity Fund - Class A	JNL/Mellon Bond Index Fund - Class A
JNL Multi-Manager Emerging Markets Equity Fund - Class I	JNL/Mellon Bond Index Fund - Class I
JNL Multi-Manager International Small Cap Fund - Class A	JNL/Mellon Communication Services Sector Fund - Class A
JNL Multi-Manager Mid Cap Fund - Class A	JNL/Mellon Communication Services Sector Fund - Class I
JNL Multi-Manager Mid Cap Fund - Class I	JNL/Mellon Consumer Discretionary Sector Fund - Class A
JNL Multi-Manager Small Cap Growth Fund - Class A	JNL/Mellon Consumer Discretionary Sector Fund - Class I
JNL Multi-Manager Small Cap Growth Fund - Class I	JNL/Mellon Consumer Staples Sector Fund - Class A
JNL Multi-Manager Small Cap Value Fund - Class A	JNL/Mellon Consumer Staples Sector Fund - Class I
JNL Multi-Manager Small Cap Value Fund - Class I	JNL/Mellon Dow Index Fund - Class A
JNL S&P 500 Index Fund - Class I	JNL/Mellon Dow Index Fund - Class I
JNL/American Funds Balanced Fund - Class A	JNL/Mellon Emerging Markets Index Fund - Class A
JNL/American Funds Balanced Fund - Class I	JNL/Mellon Emerging Markets Index Fund - Class I
JNL/American Funds Blue Chip Income and Growth Fund - Class A	JNL/Mellon Energy Sector Fund - Class A
JNL/American Funds Blue Chip Income and Growth Fund - Class I	JNL/Mellon Energy Sector Fund - Class I
JNL/American Funds Capital Income Builder Fund - Class A	JNL/Mellon Equity Income Fund - Class A
JNL/American Funds Capital Income Builder Fund - Class I	JNL/Mellon Equity Income Fund - Class I
JNL/American Funds Capital World Bond Fund - Class A	JNL/Mellon Financial Sector Fund - Class A
JNL/American Funds Capital World Bond Fund - Class I	JNL/Mellon Financial Sector Fund - Class I
JNL/American Funds Global Growth Fund - Class A	JNL/Mellon Healthcare Sector Fund - Class A
JNL/American Funds Global Growth Fund - Class I	JNL/Mellon Healthcare Sector Fund - Class I
JNL/American Funds Global Small Capitalization Fund - Class A	JNL/Mellon Index 5 Fund - Class A(1)
JNL/American Funds Global Small Capitalization Fund - Class I	JNL/Mellon Index 5 Fund - Class I(1)
JNL/American Funds Growth Allocation Fund - Class A(1)	JNL/Mellon Industrials Sector Fund - Class A
JNL/American Funds Growth Allocation Fund - Class I(1)	JNL/Mellon Industrials Sector Fund - Class I

177

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

JNL/American Funds Growth Fund - Class A	JNL/Mellon Information Technology Sector Fund - Class A
JNL/American Funds Growth Fund - Class I	JNL/Mellon Information Technology Sector Fund - Class I
JNL/American Funds Growth-Income Fund - Class A	JNL/Mellon International Index Fund - Class A
JNL/American Funds Growth-Income Fund - Class I	JNL/Mellon International Index Fund - Class I
JNL/American Funds International Fund - Class A	JNL/Mellon Materials Sector Fund - Class A
JNL/American Funds International Fund - Class I	JNL/Mellon Materials Sector Fund - Class I
JNL/American Funds Moderate Growth Allocation Fund - Class A(1)	JNL/Mellon MSCI KLD 400 Social Index Fund - Class A
JNL/American Funds Moderate Growth Allocation Fund - Class I(1)	JNL/Mellon MSCI KLD 400 Social Index Fund - Class I
JNL/American Funds New World Fund - Class A	JNL/Mellon MSCI World Index Fund - Class A
JNL/American Funds New World Fund - Class I	JNL/Mellon MSCI World Index Fund - Class I
JNL/AQR Large Cap Defensive Style Fund - Class A	JNL/Mellon Nasdaq® 100 Index Fund - Class A
JNL/AQR Large Cap Defensive Style Fund - Class I	JNL/Mellon Nasdaq® 100 Index Fund - Class I
JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A	JNL/Mellon Real Estate Sector Fund - Class A
JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I	JNL/Mellon Real Estate Sector Fund - Class I
JNL/AQR Managed Futures Strategy Fund - Class A	JNL/Mellon S&P 400 MidCap Index Fund - Class A
JNL/BlackRock Advantage International Fund - Class A	JNL/Mellon S&P 400 MidCap Index Fund - Class I
JNL/BlackRock Advantage International Fund - Class I	JNL/Mellon S&P 500 Index Fund - Class A
JNL/BlackRock Global Allocation Fund - Class A	JNL/Mellon Small Cap Index Fund - Class A
JNL/BlackRock Global Allocation Fund - Class I	JNL/Mellon Small Cap Index Fund - Class I
JNL/BlackRock Global Natural Resources Fund - Class A	JNL/Mellon Utilities Sector Fund - Class A
JNL/BlackRock Global Natural Resources Fund - Class I	JNL/Mellon Utilities Sector Fund - Class I
JNL/BlackRock Large Cap Select Growth Fund - Class A	JNL/MFS Mid Cap Value Fund - Class A
JNL/BlackRock Large Cap Select Growth Fund - Class I	JNL/MFS Mid Cap Value Fund - Class I
JNL/Boston Partners Global Long Short Equity Fund - Class A	JNL/Morningstar Wide Moat Index Fund - Class A
JNL/Boston Partners Global Long Short Equity Fund - Class I	JNL/Morningstar Wide Moat Index Fund - Class I
JNL/Causeway International Value Select Fund - Class A	JNL/Neuberger Berman Commodity Strategy Fund - Class A
JNL/Causeway International Value Select Fund - Class I	JNL/Neuberger Berman Strategic Income Fund - Class A
JNL/ClearBridge Large Cap Growth Fund - Class A	JNL/Neuberger Berman Strategic Income Fund - Class I
JNL/ClearBridge Large Cap Growth Fund - Class I	JNL/PIMCO Income Fund - Class A
JNL/DFA Growth Allocation Fund - Class A(1)	JNL/PIMCO Income Fund - Class I
JNL/DFA Growth Allocation Fund - Class I(1)	JNL/PIMCO Investment Grade Credit Bond Fund - Class A
JNL/DFA International Core Equity Fund - Class A	JNL/PIMCO Investment Grade Credit Bond Fund - Class I
JNL/DFA International Core Equity Fund - Class I	JNL/PIMCO Real Return Fund - Class A
JNL/DFA Moderate Growth Allocation Fund - Class A(1)	JNL/PIMCO Real Return Fund - Class I
JNL/DFA Moderate Growth Allocation Fund - Class I(1)	JNL/PPM America Floating Rate Income Fund - Class A
JNL/DFA U.S. Core Equity Fund - Class A	JNL/PPM America Floating Rate Income Fund - Class I
JNL/DFA U.S. Core Equity Fund - Class I	JNL/PPM America High Yield Bond Fund - Class A
JNL/DFA U.S. Small Cap Fund - Class A	JNL/PPM America High Yield Bond Fund - Class I
JNL/DFA U.S. Small Cap Fund - Class I	JNL/PPM America Small Cap Value Fund - Class A
JNL/DoubleLine Core Fixed Income Fund - Class A	JNL/PPM America Small Cap Value Fund - Class I
JNL/DoubleLine Core Fixed Income Fund - Class I	JNL/PPM America Total Return Fund - Class A
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A	JNL/PPM America Total Return Fund - Class I
JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	JNL/RAFI Fundamental Asia Developed Fund - Class A
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A	JNL/RAFI Fundamental Asia Developed Fund - Class I
JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	JNL/RAFI Fundamental Europe Fund - Class A
JNL/DoubleLine Total Return Fund - Class A	JNL/RAFI Fundamental Europe Fund - Class I
JNL/DoubleLine Total Return Fund - Class I	JNL/RAFI Fundamental U.S. Small Cap Fund - Class A
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A	JNL/RAFI Fundamental U.S. Small Cap Fund - Class I
JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I	JNL/RAFI Multi-Factor U.S. Equity Fund - Class A
JNL/First State Global Infrastructure Fund - Class A	JNL/RAFI Multi-Factor U.S. Equity Fund - Class I
JNL/First State Global Infrastructure Fund - Class I	JNL/T. Rowe Price Balanced Fund - Class A
JNL/Franklin Templeton Global Multisector Bond Fund - Class A	JNL/T. Rowe Price Balanced Fund - Class I
JNL/Franklin Templeton Global Multisector Bond Fund - Class I	JNL/T. Rowe Price Capital Appreciation Fund - Class A
JNL/Franklin Templeton Growth Allocation Fund - Class A	JNL/T. Rowe Price Capital Appreciation Fund - Class I
JNL/Franklin Templeton Growth Allocation Fund - Class I	JNL/T. Rowe Price Established Growth Fund - Class A
JNL/Franklin Templeton Income Fund - Class A	JNL/T. Rowe Price Established Growth Fund - Class I
JNL/Franklin Templeton Income Fund - Class I	JNL/T. Rowe Price Mid-Cap Growth Fund - Class A
JNL/Franklin Templeton International Small Cap Fund - Class A	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I
JNL/Franklin Templeton International Small Cap Fund - Class I	JNL/T. Rowe Price Short-Term Bond Fund - Class A
JNL/Goldman Sachs 4 Fund - Class A(1)	JNL/T. Rowe Price Short-Term Bond Fund - Class I

178

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

JNL/Goldman Sachs 4 Fund - Class I(1)	JNL/T. Rowe Price U.S. High Yield Fund - Class A
JNL/Goldman Sachs Competitive Advantage Fund - Class A	JNL/T. Rowe Price U.S. High Yield Fund - Class I
JNL/Goldman Sachs Competitive Advantage Fund - Class I	JNL/T. Rowe Price Value Fund - Class A
JNL/Goldman Sachs Dividend Income & Growth Fund - Class A	JNL/T. Rowe Price Value Fund - Class I
JNL/Goldman Sachs Dividend Income & Growth Fund - Class I	JNL/Vanguard Capital Growth Fund - Class A
JNL/Goldman Sachs International 5 Fund - Class A	JNL/Vanguard Capital Growth Fund - Class I
JNL/Goldman Sachs International 5 Fund - Class I	JNL/Vanguard Equity Income Fund - Class A
JNL/Goldman Sachs Intrinsic Value Fund - Class A	JNL/Vanguard Equity Income Fund - Class I
JNL/Goldman Sachs Intrinsic Value Fund - Class I	JNL/Vanguard Global Bond Market Index Fund - Class A(1)
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A(1)	JNL/Vanguard Global Bond Market Index Fund - Class I(1)
JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I(1)	JNL/Vanguard Growth ETF Allocation Fund - Class A
JNL/Goldman Sachs Managed Conservative Fund - Class A(1)	JNL/Vanguard Growth ETF Allocation Fund - Class I
JNL/Goldman Sachs Managed Conservative Fund - Class I(1)	JNL/Vanguard International Fund - Class A
JNL/Goldman Sachs Managed Growth Fund - Class A(1)	JNL/Vanguard International Fund - Class I
JNL/Goldman Sachs Managed Growth Fund - Class I(1)	JNL/Vanguard International Stock Market Index Fund - Class A(1)
JNL/Goldman Sachs Managed Moderate Fund - Class A(1)	JNL/Vanguard International Stock Market Index Fund - Class I(1)
JNL/Goldman Sachs Managed Moderate Fund - Class I(1)	JNL/Vanguard Moderate ETF Allocation Fund - Class A
JNL/Goldman Sachs Managed Moderate Growth Fund - Class A(1)	JNL/Vanguard Moderate ETF Allocation Fund - Class I
JNL/Goldman Sachs Managed Moderate Growth Fund - Class I(1)	JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A
JNL/Goldman Sachs Total Yield Fund - Class A	JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I
JNL/Goldman Sachs Total Yield Fund - Class I	JNL/Vanguard Small Company Growth Fund - Class A
JNL/GQG Emerging Markets Equity Fund - Class A	JNL/Vanguard Small Company Growth Fund - Class I
JNL/GQG Emerging Markets Equity Fund - Class I	JNL/Vanguard U.S. Stock Market Index Fund - Class A(1)
JNL/Harris Oakmark Global Equity Fund - Class A	JNL/Vanguard U.S. Stock Market Index Fund - Class I(1)
JNL/Harris Oakmark Global Equity Fund - Class I	JNL/WCM Focused International Equity Fund - Class A
JNL/Heitman U.S. Focused Real Estate Fund - Class A	JNL/WCM Focused International Equity Fund - Class I
JNL/Heitman U.S. Focused Real Estate Fund - Class I	JNL/Westchester Capital Event Driven Fund - Class A
JNL/Invesco Diversified Dividend Fund - Class A	JNL/Westchester Capital Event Driven Fund - Class I
JNL/Invesco Diversified Dividend Fund - Class I	JNL/WMC Balanced Fund - Class A
JNL/Invesco Global Growth Fund - Class A	JNL/WMC Balanced Fund - Class I
JNL/Invesco Global Growth Fund - Class I	JNL/WMC Government Money Market Fund - Class A
JNL/Invesco Global Real Estate Fund - Class A	JNL/WMC Government Money Market Fund - Class I
JNL/Invesco Global Real Estate Fund - Class I	JNL/WMC Value Fund - Class A
JNL/Invesco International Growth Fund - Class A	JNL/WMC Value Fund - Class I
JNL/Invesco International Growth Fund - Class I

⁽¹⁾ The Fund is a Fund of Funds advised by Jackson National Asset Management, LLC (“JNAM”), an affiliate of Jackson and has no sub-adviser.

JNAM serves as investment adviser for the Funds comprising the JNL Series Trust. JNAM is a wholly-owned subsidiary of Jackson and received fees for its services from each Fund.

The following Funds were sub-advised by an affiliate of Jackson during the year: JNL/PPM America Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Small Cap Value Fund and JNL/PPM America Total Return Fund.

During the year ended December 31, 2020, the following Funds changed names effective April 27, 2020:

Prior Fund Name	Current Fund Name	Reason For Change
JNL/American Funds Global Bond Fund	JNL/American Funds Capital World Bond Fund	Name Convention Update
JNL/Crescent High Income Fund	JNL/T. Rowe Price U.S. High Yield Fund	Sub-Adviser Replacement
JNL/Franklin Templeton Mutual Shares Fund	JNL/JPMorgan Growth & Income Fund	Sub-Adviser Replacement
JNL/Lazard Emerging Markets Fund	JNL Multi-Manager Emerging Markets Equity Fund	Sub-Adviser Replacement
JNL/Oppenheimer Global Growth Fund	JNL/Invesco Global Growth Fund	Name Convention Update
JNL/S&P 4 Fund	JNL/Goldman Sachs 4 Fund	Name Convention Update
JNL/S&P Competitive Advantage Fund	JNL/Goldman Sachs Competitive Advantage Fund	Name Convention Update
JNL/S&P Dividend Income & Growth Fund	JNL/Goldman Sachs Dividend Income & Growth Fund	Name Convention Update
JNL/S&P International 5 Fund	JNL/Goldman Sachs International 5 Fund	Name Convention Update
JNL/S&P Intrinsic Value Fund	JNL/Goldman Sachs Intrinsic Value Fund	Name Convention Update
JNL/S&P Managed Aggressive Growth Fund	JNL/Goldman Sachs Managed Aggressive Growth Fund	Name Convention Update
JNL/S&P Managed Conservative Fund	JNL/Goldman Sachs Managed Conservative Fund	Name Convention Update
JNL/S&P Managed Growth Fund	JNL/Goldman Sachs Managed Growth Fund	Name Convention Update

179

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

JNL/S&P Managed Moderate Fund	JNL/Goldman Sachs Managed Moderate Fund	Name Convention Update
JNL/S&P Managed Moderate Growth Fund	JNL/Goldman Sachs Managed Moderate Growth Fund	Name Convention Update
JNL/S&P Total Yield Fund	JNL/Goldman Sachs Total Yield Fund	Name Convention Update
JNL/T. Rowe Price Managed Volatility Balanced Fund	JNL/T. Rowe Price Balanced Fund	Name Convention Update

During the year ended December 31, 2020, the following Fund acquisitions were completed for the corresponding Class A and Class I Funds. The Funds that were acquired during the year are no longer available as of December 31, 2020.

Acquired Fund	Acquiring Fund	Date of Acquisition
JNL Conservative Allocation Fund(1)	JNL Conservative Allocation Fund(1)	April 27, 2020
JNL Institutional Alt 100 Fund	JNL Multi-Manager Alternative Fund	April 27, 2020
JNL Institutional Alt 25 Fund	JNL Moderate Growth Allocation Fund	April 27, 2020
JNL Institutional Alt 50 Fund	JNL Moderate Allocation Fund	April 27, 2020
JNL iShares Tactical Growth Fund(1)	JNL iShares Tactical Growth Fund(1)	April 27, 2020
JNL iShares Tactical Moderate Fund(1)	JNL iShares Tactical Moderate Fund(1)	April 27, 2020
JNL iShares Tactical Moderate Growth Fund(1)	JNL iShares Tactical Moderate Growth Fund(1)	April 27, 2020
JNL Moderate Allocation Fund(1)	JNL Moderate Allocation Fund(1)	April 27, 2020
JNL/American Funds Global Growth Fund(1)	JNL/American Funds Global Growth Fund(1)	April 27, 2020
JNL/American Funds Growth Fund(1)	JNL/American Funds Growth Fund(1)	April 27, 2020
JNL/DFA U.S. Small Cap Fund(1)	JNL/DFA U.S. Small Cap Fund(1)	April 27, 2020
JNL/DoubleLine Total Return Fund(1)	JNL/DoubleLine Total Return Fund(1)	April 27, 2020
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund	JNL/Franklin Templeton Global Multisector Bond Fund	April 27, 2020
JNL/FAMCO Flex Core Covered Call Fund	JNL/JPMorgan Hedged Equity Fund	April 27, 2020
JNL/FPA + DoubleLine® Flexible Allocation Fund	JNL/JPMorgan Global Allocation Fund	April 27, 2020
JNL/Franklin Templeton Global Fund	JNL/Loomis Sayles Global Growth Fund	April 27, 2020
JNL/Goldman Sachs Emerging Markets Debt Fund	JNL/DoubleLine Emerging Markets Fixed Income Fund	April 27, 2020
JNL/Invesco China-India Fund	JNL Multi-Manager Emerging Markets Equity Fund	April 27, 2020
JNL/Lazard International Strategic Equity Fund(1)	JNL/Lazard International Strategic Equity Fund(1)	April 27, 2020
JNL/Mellon Communication Services Sector Fund(2)	JNL/Mellon Communication Services Sector Fund(2)	April 27, 2020
JNL/Mellon Consumer Discretionary Sector Fund(2)	JNL/Mellon Consumer Discretionary Sector Fund(2)	April 27, 2020
JNL/Mellon Dow Index Fund(2)	JNL/Mellon Dow Index Fund(2)	April 27, 2020
JNL/Mellon Energy Sector Fund(2)	JNL/Mellon Energy Sector Fund(2)	April 27, 2020
JNL/Mellon Equity Income Fund(1)	JNL/Mellon Equity Income Fund(1)	April 27, 2020
JNL/Mellon Financial Sector Fund(2)	JNL/Mellon Financial Sector Fund(2)	April 27, 2020
JNL/Mellon Healthcare Sector Fund(2)	JNL/Mellon Healthcare Sector Fund(2)	April 27, 2020
JNL/Mellon Information Technology Sector Fund(2)	JNL/Mellon Information Technology Sector Fund(2)	April 27, 2020
JNL/Mellon MSCI World Index Fund(2)	JNL/Mellon MSCI World Index Fund(2)	April 27, 2020
JNL/Mellon Nasdaq® 100 Index Fund(2)	JNL/Mellon Nasdaq® 100 Index Fund(2)	April 27, 2020
JNL/Mellon S&P 1500 Growth Index Fund	JNL/Mellon Nasdaq® 100 Index Fund	April 27, 2020
JNL/Mellon S&P 1500 Value Index Fund	JNL/Mellon DowSM Index Fund	April 27, 2020
JNL/Neuberger Berman Commodity Strategy Fund(1)	JNL/Neuberger Berman Commodity Strategy Fund(1)	April 27, 2020
JNL/Neuberger Berman Currency Fund	JNL/PIMCO Income Fund	April 27, 2020
JNL/Nicholas Convertible Arbitrage Fund	JNL Conservative Allocation Fund	April 27, 2020
JNL/Oppenheimer Emerging Markets Innovator Fund	JNL Multi-Manager Emerging Markets Equity Fund	April 27, 2020
JNL/PIMCO Investment Grade Credit Bond Fund(1)	JNL/PIMCO Investment Grade Credit Bond Fund(1)	April 27, 2020
JNL/PPM America Mid Cap Value Fund	JNL/MFS Mid Cap Value Fund	April 27, 2020
JNL/PPM America Value Equity Fund	JNL/JPMorgan Growth & Income Fund	April 27, 2020
JNL/S&P Mid 3 Fund	JNL/Mellon S&P 400 MidCap Index Fund	April 27, 2020
JNL/Scout Unconstrained Bond Fund	JNL/PIMCO Income Fund	April 27, 2020
JNL/T. Rowe Price Capital Appreciation Fund(1)	JNL/T. Rowe Price Capital Appreciation Fund(1)	April 27, 2020
JNL/The London Company Focused U.S. Equity Fund	JNL/Morningstar Wide Moat Index Fund	April 27, 2020
JNL/VanEck International Gold Fund	JNL/BlackRock Global Natural Resources Fund	April 27, 2020
JNL/WCM Focused International Equity Fund(1)	JNL/WCM Focused International Equity Fund(1)	April 27, 2020

⁽¹⁾ The purpose of the acquisition was to facilitate an acquisition of a Fund with the same name and investment objective in Jackson Variable Series Trust into a Fund in JNL Series Trust. Although the Fund in Jackson Variable Series Trust was legally dissolved, it is considered the acquiring Fund for financial reporting purposes.

180

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

⁽²⁾ The purpose of the acquisition was to facilitate an acquisition of a Fund with the same name and investment objective in JNL Variable Funds into a Fund in JNL Series Trust. Although the Fund in JNL Variable Funds was legally dissolved, it is considered the acquiring Fund for financial reporting purposes.

The Net assets are affected by the investment results of each fund, equity transactions by contract owners and certain contract expenses. The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of JNAM.

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Net Assets if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and /or if a gain is realized by the contract owner during the free look period.

JNAM allocates purchase payments to Investment Divisions as instructed by the contract owner. Shares of the Investment Divisions are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

NOTE 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investments. The Separate Account’s Investment Divisions’ investments in the corresponding Funds are stated at the closing net asset value (“NAV”) of the respective Fund, which estimates fair value. The average cost method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account. Investments in the Funds are recorded on trade date for financial reporting purposes. Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.

Federal Income Taxes. The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.

FASB ASC Topic 820, “Fair Value Measurement”. As of December 31, 2020, all of the Separate Account’s Investment Divisions’ investment in each of the corresponding Funds are valued at the daily reported net asset value (“NAV”) of the applicable underlying Fund. Investments in the underlying Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. On each valuation date, the NAV of each corresponding Fund is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

NOTE 3. Contract Charges

Under the term of the contracts, certain charges are allocated to the contract owner to compensate Jackson for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts. These charges result in a reduction in contract unit value or redemptions of contract units in the number of contract units outstanding.

Contract Owner Charges. The following charges are assessed to the contract owner by redemption of contract units outstanding:

Contract Maintenance Charge. An annual contract maintenance charge of $35 - $240 is charged against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract. The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date, on contract monthly anniversary or in conjunction with a total withdrawal,

181

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

as applicable. This charge is specifically imposed to a contract if the contract value is less than $50,000 on the date when the charge is assessed. The charge is deducted by redemption of contract units.

Transfer Charge. A transfer charge of $25 will apply to transfers made by contract owners between the Investment Divisions in excess of 15 transfers in a contract year. Contract year is defined as the succeeding twelve months from the contract issue date. Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs, or in those states where a lesser charge is required. This charge will be deducted from the amount transferred prior to the allocation to a different Investment Division.

Surrender or Contingent Deferred Sales Charge. During the first three to nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract. The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contract. The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year. The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.

Guaranteed Minimum Optional Benefit Charges. The following contract owner charges are guaranteed minimum optional benefit charges:

Guaranteed Minimum Income Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.40% to 0.87%, depending on the contract, of the guaranteed minimum income benefit base. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Accumulation Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 1.00% to 1.02% of the guaranteed value. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Withdrawal Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.50% to 3.00%, depending on the contract of the guaranteed withdrawal balance. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Death Benefit Charge. If any of the optional death benefits are selected that are available under the contract, Jackson will assess an annual charge of 0.20% to 2.50%, depending on the contract of the death benefit base. The charge will be deducted each contract quarter from the contract value by redemption of contract units.

Asset-based Charges. The following charges are assessed to the contract owner by a reduction in contract unit value:

Insurance Charges. Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%. In designated products, this expense is waived for contracts valued greater than $1 million, refer to the product prospectus for eligibility. The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and reduces the contract unit value.

Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.00% to 1.65% for the assumption of mortality and expense risks. The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson. The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the administration charge and the contract maintenance charge.

Optional Benefit Charges. The following contract owner charges are optional benefit charges:

Earnings Protection Benefit Charge. If this benefit option has been selected, Jackson will make an additional deduction of 0.20% to 0.70%, depending on the contract chosen, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

Contract Enhancement Charge. If one of the contract enhancement benefits is selected, then for a period of five to nine contract years, Jackson will make an additional deduction based upon the average daily net assets of the contract owner’s allocations to the Investment Divisions. The annualized charges depend upon the contract enhancements selected and range from 0.395% to 0.832%.

Withdrawal Charge Period. If the optional three, four, or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45%, 0.40%, or 0.30%, respectively, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

20% Additional Free Withdrawal Charge. If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a contract year without withdrawal charge, Jackson will deduct 0.30% to 0.40% on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

Optional Death Benefit Charges. If any of the optional death benefits are selected that are available under the contract, Jackson will make an additional deduction of 0.15% to 0.80% on an annual basis of the average daily net assets the contract owner’s allocations to the Investment Divisions, based on the optional death benefit selected.

182

Jackson National Separate Account I

Notes to Financial Statements

December 31, 2020

Premium Taxes. Some states and other governmental entities charge premium taxes or other similar taxes. Jackson pays these taxes and may make a deduction from the value of the contract for them. Premium taxes generally range from 0% to 3.5% depending on the state.

NOTE 4. Related Party Transactions

For contract enhancement benefits related to the optional benefits offered, Jackson contributed $513,034 and $940,434 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2020 and 2019, respectively. These amounts are included in purchase payments from contract transactions.

Contract owners may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of Jackson. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in transfers between investment divisions, and fund exchanges from the fixed account to the Separate Account are included in purchase payments, as applicable, on the accompanying Statements of Changes in Net Assets.

NOTE 5. Subsequent Events

Management has evaluated subsequent events for the Separate Accounts through the date the financial statements are issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the notes.

183

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Jackson National Life Insurance Company and Contract Owners of Jackson National Separate Account I:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Investment Divisions listed in the Appendix that comprise the Jackson National Separate Account I (the Separate Account) as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix, changes in net assets for the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Investment Division as of the date listed in the Appendix, the results of their operations for the year or period listed in the Appendix, the changes in their net assets for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Jackson National Life Insurance Company’s Separate Accounts since 1999.

Chicago, Illinois

March 29, 2021

Appendix

Statements of assets and liabilities as of December 31, 2020, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two‑year period then ended.

JNL Aggressive Growth Allocation Fund - Class A

JNL Aggressive Growth Allocation Fund - Class I

JNL Conservative Allocation Fund - Class A

JNL Conservative Allocation Fund - Class I

JNL Growth Allocation Fund - Class A

JNL Growth Allocation Fund - Class I

JNL iShares Tactical Growth Fund - Class A

JNL iShares Tactical Growth Fund - Class I

JNL iShares Tactical Moderate Fund - Class A

JNL iShares Tactical Moderate Fund - Class I

JNL iShares Tactical Moderate Growth Fund - Class A

JNL iShares Tactical Moderate Growth Fund - Class I

JNL Moderate Allocation Fund - Class A

JNL Moderate Allocation Fund - Class I

JNL Moderate Growth Allocation Fund - Class A

JNL Moderate Growth Allocation Fund - Class I

JNL Multi-Manager Alternative Fund - Class A

JNL Multi-Manager Emerging Markets Equity Fund - Class A(1)

JNL Multi-Manager Emerging Markets Equity Fund - Class I(1)

JNL Multi-Manager International Small Cap Fund - Class A

JNL Multi-Manager Mid Cap Fund - Class A

JNL Multi-Manager Mid Cap Fund - Class I

JNL Multi-Manager Small Cap Growth Fund - Class A

JNL Multi-Manager Small Cap Growth Fund - Class I

JNL Multi-Manager Small Cap Value Fund - Class A

JNL Multi-Manager Small Cap Value Fund - Class I

JNL S&P 500 Index Fund - Class I

JNL/American Funds Balanced Fund - Class A

JNL/American Funds Balanced Fund - Class I

JNL/American Funds Blue Chip Income and Growth Fund - Class A

JNL/American Funds Blue Chip Income and Growth Fund - Class I

JNL/American Funds Capital Income Builder Fund - Class A

JNL/American Funds Capital Income Builder Fund - Class I

JNL/American Funds Capital World Bond Fund - Class A(1)

JNL/American Funds Capital World Bond Fund - Class I(1)

JNL/American Funds Global Growth Fund - Class A

JNL/American Funds Global Growth Fund - Class I

JNL/American Funds Global Small Capitalization Fund - Class A

JNL/American Funds Global Small Capitalization Fund - Class I

JNL/American Funds Growth Allocation Fund - Class A

JNL/American Funds Growth Allocation Fund - Class I

JNL/American Funds Growth Fund - Class A

JNL/American Funds Growth Fund - Class I

JNL/American Funds Growth-Income Fund - Class A

JNL/American Funds Growth-Income Fund - Class I

JNL/American Funds International Fund - Class A

JNL/American Funds International Fund - Class I

JNL/American Funds Moderate Growth Allocation Fund - Class A

JNL/American Funds Moderate Growth Allocation Fund - Class I

JNL/American Funds New World Fund - Class A

JNL/American Funds New World Fund - Class I

JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class A

JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I

JNL/AQR Managed Futures Strategy Fund - Class A

JNL/BlackRock Global Allocation Fund - Class A

JNL/BlackRock Global Allocation Fund - Class I

JNL/BlackRock Global Natural Resources Fund - Class A

JNL/BlackRock Global Natural Resources Fund - Class I

JNL/BlackRock Large Cap Select Growth Fund - Class A

JNL/BlackRock Large Cap Select Growth Fund - Class I

JNL/Boston Partners Global Long Short Equity Fund - Class A

JNL/Boston Partners Global Long Short Equity Fund - Class I

JNL/Causeway International Value Select Fund - Class A

JNL/Causeway International Value Select Fund - Class I

JNL/ClearBridge Large Cap Growth Fund - Class A

JNL/ClearBridge Large Cap Growth Fund - Class I

JNL/DFA Growth Allocation Fund - Class A

JNL/DFA Growth Allocation Fund - Class I

JNL/DFA Moderate Growth Allocation Fund - Class A

JNL/DFA Moderate Growth Allocation Fund - Class I

JNL/DFA U.S. Core Equity Fund - Class A

JNL/DFA U.S. Core Equity Fund - Class I

JNL/DFA U.S. Small Cap Fund - Class A

JNL/DFA U.S. Small Cap Fund - Class I

JNL/DoubleLine Core Fixed Income Fund - Class A

JNL/DoubleLine Core Fixed Income Fund - Class I

JNL/DoubleLine Emerging Markets Fixed Income Fund - Class A

JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I

JNL/DoubleLine Shiller Enhanced CAPE Fund - Class A

JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I

JNL/DoubleLine Total Return Fund - Class A

JNL/DoubleLine Total Return Fund - Class I

JNL/Fidelity Institutional Asset Management Total Bond Fund - Class A

JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I

JNL/First State Global Infrastructure Fund - Class A

JNL/First State Global Infrastructure Fund - Class I

JNL/Franklin Templeton Global Multisector Bond Fund - Class A

JNL/Franklin Templeton Global Multisector Bond Fund - Class I

JNL/Franklin Templeton Growth Allocation Fund - Class A

JNL/Franklin Templeton Growth Allocation Fund - Class I

JNL/Franklin Templeton Income Fund - Class A

JNL/Franklin Templeton Income Fund - Class I

JNL/Franklin Templeton International Small Cap Fund - Class A

JNL/Franklin Templeton International Small Cap Fund - Class I

JNL/Goldman Sachs 4 Fund - Class A(1)

JNL/Goldman Sachs 4 Fund - Class I(1)

JNL/Goldman Sachs Competitive Advantage Fund - Class A(1)

JNL/Goldman Sachs Competitive Advantage Fund - Class I(1)

JNL/Goldman Sachs Dividend Income & Growth Fund - Class A(1)

JNL/Goldman Sachs Dividend Income & Growth Fund - Class I(1)

JNL/Goldman Sachs International 5 Fund - Class A(1)

JNL/Goldman Sachs International 5 Fund - Class I(1)

JNL/Goldman Sachs Intrinsic Value Fund - Class A(1)

JNL/Goldman Sachs Intrinsic Value Fund - Class I(1)

JNL/Goldman Sachs Managed Aggressive Growth Fund - Class A(1)

JNL/Goldman Sachs Managed Aggressive Growth Fund - Class I(1)

JNL/Goldman Sachs Managed Conservative Fund - Class A(1)

JNL/Goldman Sachs Managed Conservative Fund - Class I(1)

JNL/Goldman Sachs Managed Growth Fund - Class A(1)

JNL/Goldman Sachs Managed Growth Fund - Class I(1)

JNL/Goldman Sachs Managed Moderate Fund - Class A(1)

JNL/Goldman Sachs Managed Moderate Fund - Class I(1)

JNL/Goldman Sachs Managed Moderate Growth Fund - Class A(1)

JNL/Goldman Sachs Managed Moderate Growth Fund - Class I(1)

JNL/Goldman Sachs Total Yield Fund - Class A(1)

JNL/Goldman Sachs Total Yield Fund - Class I(1)

JNL/GQG Emerging Markets Equity Fund - Class A

JNL/GQG Emerging Markets Equity Fund - Class I

JNL/Harris Oakmark Global Equity Fund - Class A

JNL/Harris Oakmark Global Equity Fund - Class I

JNL/Heitman U.S. Focused Real Estate Fund - Class A

JNL/Heitman U.S. Focused Real Estate Fund - Class I

JNL/Invesco Diversified Dividend Fund - Class A

JNL/Invesco Diversified Dividend Fund - Class I

JNL/Invesco Global Growth Fund - Class A(1)

JNL/Invesco Global Growth Fund - Class I(1)

JNL/Invesco Global Real Estate Fund - Class A

JNL/Invesco Global Real Estate Fund - Class I

JNL/Invesco International Growth Fund - Class A

JNL/Invesco International Growth Fund - Class I

JNL/Invesco Small Cap Growth Fund - Class A

JNL/Invesco Small Cap Growth Fund - Class I

JNL/JPMorgan Growth & Income Fund - Class A(1)

JNL/JPMorgan Growth & Income Fund - Class I(1)

JNL/JPMorgan Hedged Equity Fund - Class A

JNL/JPMorgan Hedged Equity Fund - Class I

JNL/JPMorgan MidCap Growth Fund - Class A

JNL/JPMorgan MidCap Growth Fund - Class I

JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A

JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I

JNL/Lazard International Strategic Equity Fund - Class A

JNL/Lazard International Strategic Equity Fund - Class I

JNL/Loomis Sayles Global Growth Fund - Class A

JNL/Mellon Bond Index Fund - Class A

JNL/Mellon Bond Index Fund - Class I

JNL/Mellon Communication Services Sector Fund - Class A

JNL/Mellon Communication Services Sector Fund - Class I

JNL/Mellon Consumer Discretionary Sector Fund - Class A

JNL/Mellon Consumer Discretionary Sector Fund - Class I

JNL/Mellon Consumer Staples Sector Fund - Class A

JNL/Mellon Consumer Staples Sector Fund - Class I

JNL/Mellon Dow Index Fund - Class A

JNL/Mellon Dow Index Fund - Class I

JNL/Mellon Emerging Markets Index Fund - Class A

JNL/Mellon Emerging Markets Index Fund - Class I

JNL/Mellon Energy Sector Fund - Class A

JNL/Mellon Energy Sector Fund - Class I

JNL/Mellon Equity Income Fund - Class A

JNL/Mellon Equity Income Fund - Class I

JNL/Mellon Financial Sector Fund - Class A

JNL/Mellon Financial Sector Fund - Class I

JNL/Mellon Healthcare Sector Fund - Class A

JNL/Mellon Healthcare Sector Fund - Class I

JNL/Mellon Index 5 Fund - Class A

JNL/Mellon Index 5 Fund - Class I

JNL/Mellon Industrials Sector Fund - Class A

JNL/Mellon Industrials Sector Fund - Class I

JNL/Mellon Information Technology Sector Fund - Class A

JNL/Mellon Information Technology Sector Fund - Class I

JNL/Mellon International Index Fund - Class A

JNL/Mellon International Index Fund - Class I

JNL/Mellon Materials Sector Fund - Class A

JNL/Mellon Materials Sector Fund - Class I

JNL/Mellon MSCI KLD 400 Social Index Fund - Class A

JNL/Mellon MSCI KLD 400 Social Index Fund - Class I

JNL/Mellon MSCI World Index Fund - Class A

JNL/Mellon MSCI World Index Fund - Class I

JNL/Mellon Nasdaq® 100 Index Fund - Class A

JNL/Mellon Nasdaq® 100 Index Fund - Class I

JNL/Mellon Real Estate Sector Fund - Class A

JNL/Mellon Real Estate Sector Fund - Class I

JNL/Mellon S&P 400 MidCap Index Fund - Class A

JNL/Mellon S&P 400 MidCap Index Fund - Class I

JNL/Mellon S&P 500 Index Fund - Class A

JNL/Mellon Small Cap Index Fund - Class A

JNL/Mellon Small Cap Index Fund - Class I

JNL/Mellon Utilities Sector Fund - Class A

JNL/Mellon Utilities Sector Fund - Class I

JNL/MFS Mid Cap Value Fund - Class A

JNL/MFS Mid Cap Value Fund - Class I

JNL/Morningstar Wide Moat Index Fund - Class A

JNL/Morningstar Wide Moat Index Fund - Class I

JNL/Neuberger Berman Commodity Strategy Fund - Class A

JNL/Neuberger Berman Strategic Income Fund - Class A

JNL/Neuberger Berman Strategic Income Fund - Class I

JNL/PIMCO Income Fund - Class A

JNL/PIMCO Income Fund - Class I

JNL/PIMCO Investment Grade Credit Bond Fund - Class A

JNL/PIMCO Investment Grade Credit Bond Fund - Class I

JNL/PIMCO Real Return Fund - Class A

JNL/PIMCO Real Return Fund - Class I

JNL/PPM America Floating Rate Income Fund - Class A

JNL/PPM America Floating Rate Income Fund - Class I

JNL/PPM America High Yield Bond Fund - Class A

JNL/PPM America High Yield Bond Fund - Class I

JNL/PPM America Small Cap Value Fund - Class A

JNL/PPM America Small Cap Value Fund - Class I

JNL/PPM America Total Return Fund - Class A

JNL/PPM America Total Return Fund - Class I

JNL/RAFI Fundamental Asia Developed Fund - Class A

JNL/RAFI Fundamental Asia Developed Fund - Class I

JNL/RAFI Fundamental Europe Fund - Class A

JNL/RAFI Fundamental Europe Fund - Class I

JNL/T. Rowe Price Balanced Fund - Class A(1)

JNL/T. Rowe Price Capital Appreciation Fund - Class A

JNL/T. Rowe Price Capital Appreciation Fund - Class I

JNL/T. Rowe Price Established Growth Fund - Class A

JNL/T. Rowe Price Established Growth Fund - Class I

JNL/T. Rowe Price Mid-Cap Growth Fund - Class A

JNL/T. Rowe Price Mid-Cap Growth Fund - Class I

JNL/T. Rowe Price Short-Term Bond Fund - Class A

JNL/T. Rowe Price Short-Term Bond Fund - Class I

JNL/T. Rowe Price U.S. High Yield Fund - Class A(1)

JNL/T. Rowe Price U.S. High Yield Fund - Class I(1)

JNL/T. Rowe Price Value Fund - Class A

JNL/T. Rowe Price Value Fund - Class I

JNL/Vanguard Capital Growth Fund - Class A

JNL/Vanguard Capital Growth Fund - Class I

JNL/Vanguard Equity Income Fund - Class A

JNL/Vanguard Equity Income Fund - Class I

JNL/Vanguard Global Bond Market Index Fund - Class A

JNL/Vanguard Global Bond Market Index Fund - Class I

JNL/Vanguard Growth ETF Allocation Fund - Class A

JNL/Vanguard Growth ETF Allocation Fund - Class I

JNL/Vanguard International Fund - Class A

JNL/Vanguard International Fund - Class I

JNL/Vanguard International Stock Market Index Fund - Class A

JNL/Vanguard International Stock Market Index Fund - Class I

JNL/Vanguard Moderate ETF Allocation Fund - Class A

JNL/Vanguard Moderate ETF Allocation Fund - Class I

JNL/Vanguard Moderate Growth ETF Allocation Fund - Class A

JNL/Vanguard Moderate Growth ETF Allocation Fund - Class I

JNL/Vanguard Small Company Growth Fund - Class A

JNL/Vanguard Small Company Growth Fund - Class I

JNL/Vanguard U.S. Stock Market Index Fund - Class A

JNL/Vanguard U.S. Stock Market Index Fund - Class I

JNL/WCM Focused International Equity Fund - Class A

JNL/WCM Focused International Equity Fund - Class I

JNL/Westchester Capital Event Driven Fund - Class A

JNL/Westchester Capital Event Driven Fund - Class I

JNL/WMC Balanced Fund - Class A

JNL/WMC Balanced Fund - Class I

JNL/WMC Government Money Market Fund - Class A

JNL/WMC Government Money Market Fund - Class I

JNL/WMC Value Fund - Class A

JNL/WMC Value Fund - Class I

Statements of assets and liabilities as of December 31, 2020, and the related statements of operations and changes in net assets for the period from April 27, 2020 (inception) to December 31, 2020.

JNL Multi-Manager Alternative Fund - Class I

JNL/Loomis Sayles Global Growth Fund - Class I

JNL/Lord Abbett Short Duration Income Fund - Class A

JNL/Lord Abbett Short Duration Income Fund - Class I

JNL/T. Rowe Price Balanced Fund - Class I

Statements of assets and liabilities as of December 31, 2020, the related statements of operations for the year ended December 31, 2020 and changes in net assets for the year ended December 31, 2020 and for the period from June 24, 2019 (inception) to December 31, 2019.

JNL/AQR Large Cap Defensive Style Fund - Class A

JNL/AQR Large Cap Defensive Style Fund - Class I

JNL/BlackRock Advantage International Fund - Class A

JNL/BlackRock Advantage International Fund - Class I

JNL/DFA International Core Equity Fund - Class A

JNL/DFA International Core Equity Fund - Class I

JNL/JPMorgan Global Allocation Fund - Class A

JNL/JPMorgan Global Allocation Fund - Class I

JNL/RAFI Fundamental U.S. Small Cap Fund - Class A

JNL/RAFI Fundamental U.S. Small Cap Fund - Class I

JNL/RAFI Multi-Factor U.S. Equity Fund - Class A

JNL/RAFI Multi-Factor U.S. Equity Fund - Class I

Statements of operations for the period from January 1, 2020 to April 24, 2020 (closure) and changes in net assets for the period from January 1, 2020 to April 24, 2020 (closure) and the year ended December 31, 2019.

JNL Institutional Alt 100 Fund - Class A

JNL Institutional Alt 25 Fund - Class A

JNL Institutional Alt 25 Fund - Class I

JNL Institutional Alt 50 Fund - Class A

JNL Institutional Alt 50 Fund - Class I

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class A

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I

JNL/FAMCO Flex Core Covered Call Fund - Class A

JNL/FAMCO Flex Core Covered Call Fund - Class I

JNL/FPA + DoubleLine Flexible Allocation Fund - Class A

JNL/FPA + DoubleLine Flexible Allocation Fund - Class I

JNL/Franklin Templeton Global Fund - Class A

JNL/Franklin Templeton Global Fund - Class I

JNL/Goldman Sachs Emerging Markets Debt Fund - Class A

JNL/Invesco China-India Fund - Class A

JNL/Invesco China-India Fund - Class I

JNL/Mellon S&P 1500 Growth Index Fund - Class A

JNL/Mellon S&P 1500 Growth Index Fund - Class I

JNL/Mellon S&P 1500 Value Index Fund - Class A

JNL/Mellon S&P 1500 Value Index Fund - Class I

JNL/Neuberger Berman Currency Fund - Class A

JNL/Neuberger Berman Currency Fund - Class I

JNL/Nicholas Convertible Arbitrage Fund - Class A

JNL/Nicholas Convertible Arbitrage Fund - Class I

JNL/Oppenheimer Emerging Markets Innovator Fund - Class A

JNL/PPM America Mid Cap Value Fund - Class A

JNL/PPM America Mid Cap Value Fund - Class I

JNL/PPM America Value Equity Fund - Class A

JNL/PPM America Value Equity Fund - Class I

JNL/S&P Mid 3 Fund - Class A

JNL/S&P Mid 3 Fund - Class I

JNL/Scout Unconstrained Bond Fund - Class A

JNL/The London Company Focused U.S. Equity Fund - Class A

JNL/The London Company Focused U.S. Equity Fund - Class I

JNL/VanEck International Gold Fund - Class A

(1)    See Note 1 to the financial statements for the former name of the Investment Division.

Jackson National Life Insurance Company and Subsidiaries
Index to Consolidated Financial Statements
December 31, 2020 and 2019
Report of Independent Registered Public Accounting Firm	1
Consolidated Balance Sheets	4
Consolidated Income Statements	5
Consolidated Statements of Comprehensive Income	6
Consolidated Statements of Equity	7
Consolidated Statements of Cash Flows	8
Notes to Consolidated Financial Statements	9
Supplemental I, Summary of Investments – Other Than Investments in Related Parties	83
Supplemental III, Supplemental Insurance Information	84
Supplemental IV, Reinsurance	85
Supplemental V, Valuation and Qualifying Accounts	86

Report of Independent Registered Public Accounting Firm

To the Stockholder and Board of Directors

Jackson National Life Insurance Company and Subsidiaries:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Jackson National Life Insurance Company and Subsidiaries (the Company) as of December 31, 2020 and 2019, the related consolidated income statements, and statements of comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes and supplemental schedules I, III, IV, and V (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

Correction of Misstatements

As discussed in Note 2 to the consolidated financial statements, the 2020, 2019, and 2018 consolidated financial statements have been restated to correct misstatements.

Change in Accounting Principle

As discussed in Note 3 to the consolidated financial statements, the Company has changed its method of accounting for the recognition and measurement of credit losses as of January 1, 2020 due to the adoption of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Liability for future policy benefits for certain variable annuity guarantees

Variable annuity contracts issued by the Company offer guaranteed minimum death benefits (GMDBs) and guaranteed minimum withdrawal benefits (GMWBs). The liability for the non-life contingent component of GMWBs is considered an embedded derivative and reported at fair value. The liability for GMDBs is measured in accordance with the measurement guidance for death and other insurance benefits. As of December 31, 2020, the liability for the non-life contingent component of GMWBs was estimated to be $5.6 billion and the liability for GMDBs was estimated to be $1.4 billion. These liabilities are reported within reserves for future policy benefits and claims payable in the Company’s consolidated balance sheets. As described in Notes 3, 7, and 10 to the consolidated financial statements, the Company estimates the liabilities for the GMDBs and non-life contingent component of the GMWBs using subjective judgments related to capital market assumptions, as well as actuarially determined assumptions related to expectations of future policyholder behavior. The Company regularly evaluates and updates these assumptions, causing adjustment to the estimated liability, if actual experience or other evidence suggests that earlier assumptions should be revised.

We identified the evaluation of certain assumptions used to estimate the value of these liabilities as a critical audit matter. Due the significant measurement uncertainty, this evaluation involved subjective auditor judgment and required specialized skills and knowledge related to the assumptions for mortality, benefit utilization, lapse, and discount rates (for non-life contingent GMWB liabilities) and mortality, lapse, fund performance, and discount rates (for GMDB liabilities).

The following are the primary procedures we performed to address this critical audit matter. With the assistance of actuarial professionals with specialized skills and industry knowledge, we evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s development and selection of assumptions used in the estimation of these liabilities. We involved actuarial professionals with specialized skills and industry knowledge, who assisted in:

•evaluating the appropriateness, and consistency with prior periods, of the Company’s methodology for selecting capital market and policyholder behavior assumptions

•comparing the selected assumptions with the Company’s emerging experience or market trends and evaluating the reasonableness of selected assumptions where deviations from Company experience or market trends were identified

•testing the application of the Company’s estimation methodology and confirming the use of selected assumptions by recalculating the estimated reserve for a selection of policies and comparing the results to the Company’s estimates.

2

Amortization of deferred acquisition costs

For the year ended December 31, 2020, the Company reported amortization of deferred acquisition costs (DAC) of $0.5 billion. A substantial portion of this amortization and the unamortized DAC balance as of December 31, 2020, relates to variable annuity contracts, including contracts with guaranteed benefit riders, which is amortized into income in proportion to estimated gross profits of the relevant contracts. As discussed in Note 3 to the consolidated financial statements, assumptions impacting estimated future gross profits used in the calculation of the amortization of deferred acquisition costs include but are not limited to policyholder behavior assumptions, mortality rates, investment returns and projected hedging costs. The Company regularly evaluates and updates these assumptions, causing adjustments to the estimated gross profits, if actual experience or other evidence suggests that earlier assumptions should be revised.

We identified the evaluation of certain assumptions used to estimate gross profits used in the amortization of DAC as a critical audit matter. Specifically, a high degree of subjective auditor judgment, as well as specialized skills and industry knowledge, were required in evaluating the appropriateness of certain assumptions, including mortality, lapse, benefit utilization rates, investment returns, and projected hedging costs.

The following are the primary procedures we performed to address this critical audit matter. With the assistance of professionals with specialized skills and industry knowledge, we evaluated the design and implementation and tested the operating effectiveness of certain internal controls over the Company’s process for the development and selection of the assumptions used to estimate future gross profits. We involved professionals with specialized skills and industry knowledge, who assisted in:

•evaluating the appropriateness, and consistency with prior periods, of the Company’s methodology for selecting these assumptions

•comparing each of the selected assumptions with the Company’s emerging experience or market trends and evaluating the reasonableness of selected assumptions where deviations from Company experience or market trends were identified

•testing the application of the Company’s estimation methodology and confirming the use of selected assumptions by recalculating the estimates of future gross profits for a selection of policies and comparing the results to the Company’s estimates.

/s/ KPMG LLP

We have served as the Company’s auditor since 1999.

Dallas, Texas

April 12, 2021, except for Note 2, and the correspondingly impacted portions of Notes 3, 4, 5, 6, 7, 8, 9, 13, 14, 15, and 22, and the corresponding impacted supplemental schedules I, III, and V, as to which the date is July 16, 2021

3

Jackson National Life Insurance Company and Subsidiaries

Consolidated Balance Sheets

(In millions, except per share information)

				December 31,
Assets				2020		2019
				(As Restated)
	Investments:
		Debt securities, available for sale, at fair value, net of allowance for credit losses of $13.6 and nil at December 31, 2020 and 2019, respectively (amortized cost: 2020, $54,052.0; 2019 $53,354.2)		$	58,964.3	$	56,823.0
		Debt Securities, at fair value under fair value option		167.8		151.1
		Equity securities, at fair value		174.6		147.7
		Mortgage loans, net of allowance for credit losses of $179.2 and $8.9 at December 31, 2020 and 2019, respectively		10,727.5		9,903.6
		Policy loans (including $3,454.2 and $3,585.8 at fair value under the fair value option at December 31, 2020 and 2019, respectively)		4,522.8		4,705.7
		Freestanding Derivative instruments		2,219.8		1,486.4
		Other invested assets		1,958.3		1,766.3
			Total investments	78,735.1		74,983.8
	Cash and cash equivalents			1,852.9		1,843.8
	Accrued investment income			553.4		588.6
	Deferred acquisition costs			13,896.5		12,334.4
	Reinsurance recoverable, net of allowance for credit losses of $12.6 and nil at December 31, 2020 and 2019, respectively			35,310.6		8,410.2
	Deferred income taxes, net			1,035.9		659.9
	Receivables from affiliates			228.8		247.8
	Other assets			785.7		744.1
	Separate account assets			219,062.9		195,070.5
			Total assets	$	351,461.8	$	294,883.1
Liabilities and Equity
	Liabilities
		Reserves for future policy benefits and claims payable		$	21,472.1	$	19,151.5
		Other contract holder funds		64,293.4		64,048.4
		Funds withheld payable under reinsurance treaties, (including $3,626.5 and $3,760.3 at fair value under the fair value option at December 31, 2020 and 2019, respectively)		31,971.5		3,760.3
		Debt		533.4		574.7
		Securities lending payable		12.3		48.3
		Freestanding derivative instruments		56.4		24.3
		Other liabilities		4,573.6		2,999.1
		Separate account liabilities		219,062.9		195,070.5
			Total liabilities	341,975.6		285,717.1
	Equity
		Common stock, $1.15 par value; authorized 50,000 shares; issued and outstanding 12,000 shares		13.8		13.8
		Additional paid-in capital		4,588.3		4,088.3
		Shares held in trust		(4.3)		(4.3)
		Equity compensation reserve		7.7		0.5
		Accumulated other comprehensive income (loss), net of tax expense of $762.4 in 2020 and $347.9 in 2019		3,960.0		2,539.3
		Retained earnings		920.7		2,528.4
			Total stockholder's equity	9,486.2		9,166.0
			Total liabilities and equity	$	351,461.8	$	294,883.1

See accompanying Notes to Consolidated Financial Statements.

4

Jackson National Life Insurance Company and Subsidiaries

Consolidated Income Statements

(In millions)

				Years Ended December 31,
				2020		2019		2018
				(As Restated)
Revenues
	Fee income			$	6,504.4	$	6,325.0	$	6,183.0
	Premium			129.7		537.1		5,122.8
	Net investment income			2,780.9		3,018.4		2,785.6
	Net losses on derivatives and investments			(6,454.2)		(6,716.5)		(809.3)
	Other income			64.5		69.5		60.6
		Total revenues		3,025.3		3,233.5		13,342.7
Benefits and Expenses
	Death, other policy benefits and change in policy reserves, net of deferrals			1,234.6		1,430.0		6,942.1
	Interest credited on other contract holder funds, net of deferrals			1,202.3		1,632.5		1,547.6
	Interest expense			43.8		83.6		86.2
	Operating costs and other expenses, net of deferrals			807.7		1,907.0		1,340.2
	Cost of reinsurance			2,520.1		—		—
	Amortization of deferred acquisition and sales inducement costs			(390.1)		(981.4)		1,151.2
		Total benefits and expenses		5,418.4		4,071.7		11,067.3
			Pretax (loss) income	(2,393.1)		(838.2)		2,275.4
	Income tax (benefit) expense			(840.9)		(373.4)		248.4
	Net (loss) income			$	(1,552.2)	$	(464.8)	$	2,027.0

See accompanying Notes to Consolidated Financial Statements.

5

Jackson National Life Insurance Company and Subsidiaries

Consolidated Statements of Comprehensive Income

(In millions)

		Years Ended December 31,
		2020		2019		2018
		(As Restated)
Net (loss) income		$	(1,552.2)	$	(464.8)	$	2,027.0
Other comprehensive income, net of tax:
	Net unrealized gains (losses) on securities not impaired (net of tax expense (benefit) of: 2020 $599.4; 2019 $677.0; 2018 $(317.4))	2,116.4		2,546.9		(1,193.9)
	Change in unrealized gains on securities for which an allowance for credit losses has been recorded (net of tax expense of: 2020 $1.2)	4.4		—		—
	Net unrealized losses on other impaired securities (net of tax benefit of: 2019 $0.1; 2018 $0.1)	—		(0.5)		(0.3)
	Reclassification adjustment for (losses) gains included in net income (net of tax (benefit) expense of: 2020 $(186.1); 2019 $17.2; 2018 $(23.7))	(700.1)		64.8		(89.2)
Total other comprehensive income (loss)		1,420.7		2,611.2		(1,283.4)
Comprehensive (loss) income		$	(131.5)	$	2,146.4	$	743.6

See accompanying Notes to Consolidated Financial Statements.

6

Jackson National Life Insurance Company and Subsidiaries

Consolidated Statements of Equity

(In millions)

											Accumulated
					Additional				Equity		Other				Total
			Common		Paid-In		Shares Held		Compensation		Comprehensive		Retained		Stockholder's
			Stock		Capital		In Trust		Reserve		Income		Earnings		Equity
Balances as of December 31, 2017 (as restated)			$	13.8	$	3,816.1	$	(18.9)	$	10.2	$	1,071.4	$	2,083.2	$	6,975.8
	Net income		—		—		—		—		—		2,027.0		2,027.0
	Change in unrealized investment gains
		and losses, net of tax (as restated)	—		—		—		—		(1,283.4)		—		(1,283.4)
	Capital Contribution		—		152.2		—		—		—		—		152.2
	Dividends to stockholder		—		—		—		—		—		(451.9)		(451.9)
	Cumulative effects of changes in accounting principles, net of tax		—		—		—		—		140.1		(140.1)		—
	Shares acquired at cost		—		—		(5.4)		—		—		—		(5.4)
	Shares distributed at cost		—		—		12.9		—		—		—		12.9
	Reserve for equity compensation plans		—		—		—		(0.2)		—		—		(0.2)
	Fair value of shares issued under equity compensation plans		—		—		—		(6.4)		—		—		(6.4)
Balances as of December 31, 2018 (as restated)			13.8		3,968.3		(11.4)		3.6		(71.9)		3,518.2		7,420.6
	Net loss		—		—		—		—		—		(464.8)		(464.8)
	Change in unrealized investment gains
		and losses, net of tax (as restated)	—		—		—		—		2,611.2		—		2,611.2
	Capital Contribution		—		120.0		—		—		—		—		120.0
	Dividends to stockholder		—		—		—		—		—		(525.0)		(525.0)
	Shares acquired at cost		—		—		(2.8)		—		—		—		(2.8)
	Shares distributed at cost		—		—		9.9		—		—		—		9.9
	Reserve for equity compensation plans		—		—		—		1.2		—		—		1.2
	Fair value of shares issued under equity
		compensation plans	—		—		—		(4.3)		—		—		(4.3)
Balances as of December 31, 2019 (as restated)			13.8		4,088.3		(4.3)		0.5		2,539.3		2,528.4		9,166.0
	Net loss		—		—		—		—		—		(1,552.2)		(1,552.2)
	Change in unrealized investment gains
		and losses, net of tax (as restated)	—		—		—		—		1,420.7		—		1,420.7
	Change in accounting principle, net of tax		—		—		—		—		—		(55.5)		(55.5)
	Capital Contribution		—		500.0		—		—		—		—		500.0
	Shares acquired at cost		—		—		(17.6)		—		—		—		(17.6)
	Shares distributed at cost		—		—		17.6		—		—		—		17.6
	Reserve for equity compensation plans		—		—		—		7.6		—		—		7.6
	Fair value of shares issued under equity
		compensation plans	—		—		—		(0.4)		—		—		(0.4)
Balances as of December 31, 2020 (as restated)			$	13.8	$	4,588.3	$	(4.3)	$	7.7	$	3,960.0	$	920.7	$	9,486.2

See accompanying Notes to Consolidated Financial Statements.

7

Jackson National Life Insurance Company and Subsidiaries

Consolidated Statements of Cash Flows

(In millions)

				Years Ended December 31,
				2020		2019		2018
				(As Restated)
Cash flows from operating activities:
	Net (loss) income			$	(1,552.2)	$	(464.8)	$	2,027.0
	Adjustments to reconcile net income to net cash provided by operating activities:
		Net realized (gains) losses on investments		(373.1)		(184.3)		(18.1)
		Net losses on derivatives		7,267.0		6,571.0		516.9
		Net realized (gains) losses on funds withheld reinsurance treaties		(439.7)		329.8		310.5
		Interest credited on other contract holder funds, gross		1,204.6		1,639.6		1,556.1
		Mortality, expense and surrender charges		(593.2)		(641.0)		(663.1)
		Amortization of discount and premium on investments		56.4		20.3		7.3
		Deferred income tax (benefit) expense		(775.6)		(672.9)		134.5
		Share-based compensation		44.4		54.8		26.3
		Cash (paid to) received from reinsurance transaction		(31.7)		36.6		321.9
		Change in:
			Accrued investment income	35.2		38.8		36.0
			Deferred sales inducements and acquisition costs	(1,359.4)		(1,788.6)		392.1
			Income tax accruals	(60.8)		(79.7)		72.2
			Other assets and liabilities, net	388.6		(1,059.3)		568.6
	Net cash provided by operating activities			3,810.5		3,800.3		5,288.2
Cash flows from investing activities:
	Sales, maturities and repayments of:
		Debt securities		29,697.0		10,050.9		5,521.0
		Equity securities		82.0		470.1		135.5
		Mortgage loans		1,200.7		1,242.8		1,028.6
	Purchases of:
		Debt securities		(27,851.2)		(10,514.9)		(7,873.6)
		Equity securities		(115.3)		(129.9)		(559.3)
		Mortgage loans		(2,188.7)		(1,750.1)		(1,070.4)
	Settlements related to derivatives and collateral on investments			(5,320.7)		7,040.8		1,816.1
	Other investing activities			(38.3)		(84.8)		(142.8)
	Net cash used in investing activities			(4,534.5)		(7,756.7)		(1,144.9)
Cash flows from financing activities:
	Policyholders' account balances:
		Deposits		19,631.7		22,633.9		21,009.2
		Withdrawals		(23,152.9)		(23,106.4)		(21,972.9)
	Net transfers from (to) separate accounts			2,560.6		2,646.2		(225.0)
	Net (payments on) proceeds from repurchase agreements			1,100.0		—		—
	Net proceeds from (payments on) Federal Home Loan Bank notes			79.9		300.1		(600.1)
	Net proceeds from (payments on) debt			13.8		16.1		22.4
	Disposition of shares held in trust at cost, net			—		7.1		7.4
	Capital contribution from Parent			500.0		86.6		100.0
	Payment of cash dividends to Parent			—		(525.0)		(450.0)
	Net cash provided by (used in) financing activities			733.1		2,058.6		(2,109.0)
	Net increase (decrease) in cash and cash equivalents			9.1		(1,897.8)		2,034.3
Cash and cash equivalents, beginning of year				1,843.8		3,741.6		1,707.3
Cash and cash equivalents, end of year				$	1,852.9	$	1,843.8	$	3,741.6
Supplemental Cash Flow Information
	Income tax (received) paid			$	(3.8)	$	379.3	$	35.4
	Interest paid			$	26.4	$	30.8	$	33.0

See accompanying Notes to Consolidated Financial Statements.

8

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

1.Business and Basis of Presentation

Jackson National Life Insurance Company (the “Company” or “Jackson”) is wholly owned by Brooke Life Insurance Company (“Brooke Life” or the “Parent”), which is wholly owned by the US parent, Jackson Financial Inc. (“Jackson Financial”), a majority-owned subsidiary of Prudential plc (“Prudential”), London, England. Jackson, together with its New York life insurance subsidiary, is licensed to sell group and individual annuity products (including immediate, index linked, and deferred fixed and variable annuities) and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”), funding agreements and medium term note funding agreements.

The consolidated financial statements include accounts, after the elimination of intercompany accounts and transactions, of the following:

•    Life insurers: Jackson and its wholly owned subsidiaries Jackson National Life Insurance Company of New York (“JNY”), Squire Reassurance Company LLC (“Squire Re”), Squire Reassurance Company II, Inc. (“Squire Re II”), VFL International Life Company SPC, LTD and Jackson National Life (Bermuda) LTD;

•    Wholly owned broker-dealer, investment management and investment advisor subsidiaries: Jackson National Life Distributors, LLC, Jackson National Asset Management, LLC;

•    PGDS (US One) LLC (“PGDS”), a wholly owned subsidiary that provides certain services to Jackson and certain affiliates;

•    Other insignificant wholly owned subsidiaries; and

•    Other insignificant partnerships, limited liability companies and variable interest entities (“VIEs”) in which Jackson is deemed the primary beneficiary.

Other

As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which may have an impact on the Company’s capital position. As the economic uncertainties are on-going, the potential impact continues to vary and is unknown at this time. The Company has implemented business continuity plans that were already in place to ensure the availability of services for our customers, work at home capabilities for our staff, where appropriate, and other ongoing risk management activities related to the current ongoing market stress.

On January 28, 2021, Prudential announced that they plan to pursue the separation of its US business operations in 2021.

On June 18, 2020, the Company announced that it had entered into a funds withheld coinsurance agreement with Athene Life Re Ltd. (“Athene”) effective June 1, 2020 to reinsure on 100% quota share basis a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts in the 2019 notes to the consolidated financial statements have been reclassified to conform to the 2020 presentation, as further described below.

In 2020, the Company revised its income statement presentation of derivatives to include all cash settlements and changes in fair value within one line item. In prior years, the periodic cash settlements with respect to interest rate swap derivatives of $72.6 million and $126.2 million in 2019 and 2018, respectively, were included in net investment income. As a result of this change, the Company has amended the income statement line item description to “Net losses on derivatives and investments” and has reflected this change accordingly within the Company’s Investments (Note 4), Derivative Instruments (Note 5), and Fair Value Measurements (Note 6) disclosures. In addition, this change has also been reflected in Segment Information (Note 14), as the cash settlement portion of the derivative income was previously reflected in net investment income and, therefore, was included in pretax adjusted operating earnings. The

9

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Company believes this presentation to be correct and have added a line to include these settlements in operating revenues. This change was a presentational change only, it did not impact total revenue or operating revenues. The Company concluded this change to be an immaterial correction of an error.

In 2020, the Company updated its disclosure within Investments (Note 4) to disclose the carrying value and maximum exposure to loss for unconsolidated VIEs. The Company determined that the maximum exposure to loss of $1,979.4 million and $1,765.8 million as of December 31, 2019 and 2018, respectively, was not explicitly stated in the Company’s prior financial statements. Additionally, amortized cost was not explicitly stated to be the maximum exposure to loss related to mutual funds in the Company’s prior financial statements. Based on the qualitative disclosures that were provided previously in the Company’s notes to consolidated financial statements, the prior omission of the quantitative information was not deemed to be material.

The Company concluded the correction of the disclosure errors noted above are immaterial. In addition, the Company concluded these errors did not have any impact on its consolidated balance sheets or consolidated statement of cash flows.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; 2) assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; 3) assumptions impacting estimated future gross profits, including but not limited to, policyholder behavior, mortality rates, projected hedging costs, expenses, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs and deferred sales inducements; 4) assumptions used in calculating policy reserves and liabilities, including but not limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; 5) assumptions as to future earnings levels being sufficient to realize deferred tax benefits; 6) estimates related to expectations of credit losses on certain financial assets and off balance sheet exposures; 7) assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; 8) value of guaranteed benefits; and 9) value of business acquired, its recoverability and amortization. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed.

2. Restatement of Previously Issued Financial Statements

The Company identified certain errors to its previously issued consolidated financial statements that were material. The nature of the restatement adjustments and the impact of these adjustments on the Consolidated Balance Sheets as of December 31, 2020 and 2019, and Consolidated Statements of Comprehensive Income, Consolidated Statement of Equity, and the Consolidated Statement Cash Flows for each of the three years in the period ended December 31, 2020 and on the Consolidated Income Statement for the year ended December 31, 2020 are discussed further below.

Description of Restatement Adjustments

The categories of restatement adjustments and their impact on the previously issued consolidated financial statements are described below.

Athene reinsurance transaction - The Company identified an error in the accounting for funds withheld related to the reinsurance transaction with Athene entered into on June 1, 2020 (the “Reinsurance Agreement”). The Company previously concluded that the criteria in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 860-10-40-5 were met, and applied sale accounting for the funds withheld assets. However, upon re-evaluation of this treatment, the Company determined that the funds withheld assets did not qualify for sale accounting

10

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

and should have remained in the consolidated financial statements. For the year ended December 31, 2020 the impact of this change was a $1,300.6 million increase to the previously reported Net Loss of $256.1 million.

Misclassifications and other errors - The Company re-evaluated other accounting matters, unrelated to the Reinsurance Agreement, and management decided to revise these errors to its consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 as part of the overall restatement in order to improve the consistency and comparability of the financial statements in future periods. These adjustments primarily relate to reclassifications associated with derivatives, investments in limited partnerships, reinsurance, deferred acquisition costs, and sales inducements which impact presentation on the applicable consolidated financial statements and related footnotes but did not have a material impact on total net (loss) income, comprehensive (loss) income, or total equity.

The largest impact of these other adjustments was related to the Company previously classifying the reinsurance assets related to the Reassure America Life Insurance Company (“REALIC”) reinsurance transaction in one line as Funds withheld reinsurance assets on the Consolidated Balance Sheets for $3,626.5 million and $3,760.3 million as of December 31, 2020 and 2019, respectively.The Company has reclassified these items to the appropriate asset classifications on the Consolidated Balance Sheets and the related impacts to the consolidated statements of cash flows as presented in the tables below.

Impact of the Restatement:

The impact of the restatement on the Consolidated Balance Sheets as of December 31, 2020 and 2019, the Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 and on the Consolidated Income Statement for the year ended December 31, 2020 were as follows:

			As previously reported		Impact of Adjustments			As restated
Balance Sheets:			December 31,		December 31,			December 31,
			2020	2019	2020		2019	2020	2019
Assets					Athene	Other	Other
	Investments:
	Debt Securities, available for sale		$34,489.7	$56,823.0	$24,474.6	$ -	$ -	$58,964.3	$56,823.0
	Debt Securities, at fair value under fair value option		—	—	—	167.8	151.1	167.8	151.1
	Equity securities, at fair value		1,590.4	1,531.8	167.1	(1,582.9)	(1,384.1)	174.6	147.7
	Mortgage loans, net of allowance for credit losses		7,742.0	9,903.6	2,985.5	—	—	10,727.5	9,903.6
	Policy loans		1,052.0	1,119.9	16.6	3,454.2	3,585.8	4,522.8	4,705.7
	Freestanding derivative instruments		2,219.6	1,486.4	0.2	—	—	2,219.8	1,486.4
	Other invested assets		375.4	382.2	—	1,582.9	1,384.1	1,958.3	1,766.3
	Total investments		47,469.1	71,246.9	27,644.0	3,622.0	3,736.9	78,735.1	74,983.8
	Cash and cash equivalents		1,458.7	1,820.4	390.3	3.9	23.4	1,852.9	1,843.8
	Accrued investment income		363.4	588.6	189.4	0.6	—	553.4	588.6
	Deferred acquisition costs		13,342.5	11,665.2	—	554.0	669.2	13,896.5	12,334.4
	Reinsurance recoverable, net of allowance for credit losses		35,263.3	8,410.2	—	47.3	—	35,310.6	8,410.2
	Funds withheld reinsurance assets		3,626.5	3,760.3	—	(3,626.5)	(3,760.3)	—	—
	Deferred income taxes, net		1,004.4	676.8	24.3	7.2	(16.9)	1,035.9	659.9
	Other assets		1,201.8	1,269.5	109.5	(525.6)	(525.4)	785.7	744.1
	Total assets		$323,021.4	$294,756.2	$28,357.5	$82.9	$126.9	$351,461.8	$294,883.1
Liabilities and Equity
Liabilities
	Reserves for future policy benefits and claims payable		$21,362.9	$19,128.4	$ -	$109.2	$63.1	$21,472.1	$19,191.5
	Funds held under reinsurance treaties		3,626.5	3,760.3	28,345.0	—	—	31,971.5	3,760.3
	Freestanding derivative instruments		43.1	24.3	13.3	—	—	56.4	24.3
	Other liabilities		4,486.6	2,999.1	87.0	—	—	4,573.6	2,999.1
		Total liabilities	313,421.1	285,654.0	28,445.3	109.2	63.1	341,975.6	285,717.1
Equity
	Accumulated other comprehensive income, net of tax		2,773.5	2,475.5	1,212.8	(26.3)	63.8	3,960.0	2,539.3
	Retained earnings		2,221.3	2,528.4	(1,300.6)	—	—	920.7	2,528.4
	Total stockholders' equity		9,600.3	9,102.2	(87.8)	(26.3)	63.8	9,486.2	9,166.0
	Total liabilities and equity		$323,021.4	$294,756.2	$28,357.5	$82.9	$126.9	$351,461.8	$294,883.1

11

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

			As previously reported			Impact of Adjustments				As restated
Income Statement:			December 31,			December 31,				December 31,
			2020	2019	2018	2020		2019	2018	2020	2019	2018
						Athene	Other	Other	Other
	Net investment income		$1,989.1	$2,688.6	$2,475.1	$471.9	$319.9	$329.8	$310.5	$2,780.9	$3,018.4	$2,785.6
	Net losses on derivatives and investments		(4,002.9)	(6,386.7)	(498.8)	(2,131.4)	(319.9)	(329.8)	(310.5)	(6,454.2)	(6,716.5)	(809.3)
		Total revenues	4,684.8	3,233.5	13,342.7	(1,659.5)	—	—	—	3,025.3	3,233.5	13,342.7
		Total benefits and expenses	5,418.4	4,071.7	11,067.3	—	—	—	—	5,418.4	4,071.7	11,067.3
		Pretax (loss) income	(733.6)	(838.2)	2,275.4	(1,659.5)	—	—	—	(2,393.1)	(838.2)	2,275.4
	Income tax (benefit) expense		(482.0)	(373.4)	248.4	(358.9)	—	—	—	(840.9)	(373.4)	248.4
		Net (loss) income	(251.6)	(464.8)	2,027.0	(1,300.6)	—	—	—	(1,552.2)	(464.8)	2,027.0
Statements of Comprehensive Income (Loss):
Net (loss) income			(251.6)	(464.8)	2,027.0	(1,300.6)	—	—	—	(1,552.2)	(464.8)	2,027.0
Other comprehensive income (loss), net of tax:
	Net unrealized gains (losses) on securities not impaired, net of tax		1,458.8	2,593.9	(1,326.3)	747.7	(90.1)	(47.0)	132.4	2,116.4	2,546.9	(1,193.9)
	Reclassification adjustment for gains (losses) included in net income, net of tax		(1,165.2)	64.8	(89.2)	465.1	—	—	—	(700.1)	64.8	(89.2)
Total other comprehensive income (loss)			298.0	2,658.2	(1,415.8)	1,212.8	(90.1)	(47.0)	132.4	1,420.7	2,611.2	(1,283.4)
Comprehensive (loss) income			$46.4	$2,193.4	$611.2	($87.8)	($90.1)	($47.0)	$132.4	($131.5)	$2,146.4	$743.6

	As previously reported						Impact of Adjustments				As restated
Statements of Equity	Accum. OCI		Ret'd earnings		Total Equity		Athene		Other		Accum. OCI		Ret'd earnings		Total Equity
Balances as of Dec. 31, 2017	$	1,093.0	$	2,083.2	$	6,997.4	$	—	$	(21.6)	$	1,071.4	$	2,083.2	$	6,975.8
Net income	—		2,027.0		2,027.0		—		—		—		2,027.0		2,027.0
Change in unrealized investment gains and losses, net	(1,415.8)		—		(1,415.8)		—		132.4		(1,283.4)		—		(1,283.4)
Balances as of Dec. 31, 2018	(182.7)		3,518.2		7,309.8		—		110.8		(71.9)		3,518.2		7,420.6
Net income	—		(464.8)		(464.8)				—		—		(464.8)		(464.8)
Change in unrealized investment gains and losses, net	2,658.2		—		2,658.2		—		(47.0)		2,611.2		—		2,611.2
Balances as of Dec. 31, 2019	2,475.5		2,528.4		9,102.2		—		63.8		2,539.3		2,528.4		9,166.0
Net income	—		(251.6)		(251.6)		(1,300.6)		—		—		(1,552.2)		(1,552.2)
Change in unrealized investment gains and losses, net	298.0		—		298.0		1,212.8		(90.1)		1,420.7		—		1,420.7
Balances as of Dec. 31, 2020	$	2,773.5	$	2,221.3	$	9,600.3	$	(87.8)	$	(26.3)	$	3,960.0	$	920.7	$	9,486.2

12

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

			As previously reported						Impact of Adjustments								As restated
Statements of Cash Flow:			December 31,						December 31,								December 31,
			2020		2019		2018		2020				2019		2018		2020		2019		2018
Cash flows from operating activities:									Athene		Other
Net (loss) income			$	(251.6)	$	(464.8)	$	2,027.0	$	(1,300.6)	$	—	$	—	$	—	$	(1,552.2)	$	(464.8)	$	2,027.0
Adjustments to reconcile net income to net cash provided by operating activities:																			—		—
	Net realized (gains) losses on investments		(474.7)		(192.9)		18.6		—		101.6		8.6		(36.7)		(373.1)		(184.3)		(18.1)
	Net losses on derivatives		7,368.6		6,579.6		480.1		—		(101.6)		(8.6)		36.8		7,267.0		6,571.0		516.9
	Net realized (gains) losses on funds withheld reinsurance treaties		—						(759.6)		319.9		329.8		310.5		(439.7)
	Amortization of discount and premium on investments		48.2		20.3		7.3		8.2		—		—		—		56.4		20.3		7.3
	Deferred income tax (benefit) expense		(416.9)		(672.9)		134.5		(358.7)		—		—		—		(775.6)		(672.9)		134.5
	Change in:										—
		Accrued investment income	47.4		38.8		36.0		(12.2)		—		—		—		35.2		38.8		36.0
		Other assets and liabilities, net	(222.9)		(161.4)		274.7		1,115.1		(503.6)		(897.9)		293.9		388.6		(1,059.3)		568.6
Net cash provided by operating activities			5,302.0		4,368.4		4,683.7		(1,307.8)		(183.7)		(568.1)		604.5		3,810.5		3,800.3		5,288.2
Cash flows from investing activities:
Principal repayments, maturities, calls and redemptions:
	Debt securities		14,683.4		10,050.9		5,521.0		15,013.6		—		—		—		29,697.0		10,050.9		5,521.0
	Mortgage loans		1,127.1		1,242.8		1,028.6		73.6		—		—		—		1,200.7		1,242.8		1,028.6
Purchases of:
	Debt securities		(16,041.6)		(10,514.9)		(7,873.6)		(11,809.6)		—		—		—		(27,851.2)		(10,514.9)		(7,873.6)
	Equity securities		(75.0)		(129.9)		(559.3)		(40.3)		—		—		—		(115.3)		(129.9)		(559.3)
	Mortgage loans		(827.1)		(1,750.1)		(1,070.4)		(1,361.6)		—		—		—		(2,188.7)		(1,750.1)		(1,070.4)
Settlements related to derivatives and collateral on investments			—		—		—		(216.0)		(5,104.7)		(7,040.8)		1,816.1		(5,320.7)		(7,040.8)		1,816.1
Other investing activities			(5,345.6)		(7,684.0)		2,334.1		38.4		5,268.9		7,599.2		(2,476.9)		(38.3)		(84.8)		(142.8)
Net cash used in investing activities			(6,396.8)		(8,315.1)		(484.1)		1,698.1		164.2		558.4		(660.8)		(4,534.5)		(7,756.7)		(1,144.9)
Cash flows from financing activities:																	—		—		—
Net cash provided by (used in) financing activities			733.1		2,058.6		(2,109.0)		—		—		—		—		733.1		2,058.6		(2,109.0)
Net (decrease) increase in cash and cash equivalents			(361.7)		(1,888.1)		2,090.6		390.3		(19.5)		(9.7)		(56.3)		9.1		(1,897.8)		2,034.3
Cash and cash equivalents, beginning of year			1,820.4		3,708.5		1,617.9		—		23.4		33.1		89.4		1,843.8		3,741.6		1,707.3
Total cash and cash equivalents, end of year			$	1,458.7	$	1,820.4	$	3,708.5	$	390.3	$	3.9	$	23.4	$	33.1	$	1,852.9	$	1,843.8	$	3,741.6

13

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

3.Summary of Significant Accounting Policies

Changes in Accounting Principles – Adopted in Current Year

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which provides a new current expected credit loss (“CECL”) model to account for credit losses on certain financial assets and off-balance sheet exposures. The model requires an entity to estimate lifetime credit losses related to such financial assets and exposures based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The guidance also modified the current other-than-temporary impairment guidance for available for sale debt securities to require the use of an allowance rather than a direct write down of the investment and replaces existing guidance for purchased credit deteriorated loans and debt securities. The guidance also requires enhanced disclosures. Effective January 1, 2020, the Company adopted ASU 2016-13 and all related amendments with a cumulative effect pre-tax adjustment of $70.2 million to reduce retained earnings, primarily related to the Company’s mortgage loans and reinsurance recoverable.

In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract,” which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Effective January 1, 2020, the Company prospectively adopted ASU 2018-15 and all related amendments to implementation costs incurred during the year. The adoption of ASU 2018-15 did not have a significant effect on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, “Changes to the Disclosure Requirements for Fair Value Measurements,” which modifies the disclosure requirements on fair value measurements. Effective January 1, 2020, the Company adopted ASU No. 2018-13, resulting in revised disclosures within the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The new guidance provides optional expedients for applying GAAP to contracts and other transactions affected by reference rate reform, and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. This standard may be elected and applied prospectively as reference rate reform unfolds, but no contracts were modified prior to year-end. The adoption of the new guidance did not have an impact on the consolidated financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2022.

Changes in Accounting Principles – Issued but Not Yet Adopted

In August 2018, the FASB issued ASU No. 2018-12, “Targeted Improvements to the Accounting for Long Duration Contracts,” which includes changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this Update contain four significant changes: 1) For the calculation of the liability for future policy benefits of nonparticipating traditional and limited-payment insurance and reinsurance contracts, cash flow assumptions and discount rates will be required to be updated at least annually; 2) Market risk benefits, a new term for certain contracts or features that provide for potential benefits in addition to the account balance which exposes the insurer to other than nominal market risk, will be measured at fair value; 3) deferred acquisition costs (“DAC”) will be amortized on a constant-level basis, independent of profitability; and 4) enhanced disclosures, including quantitative information in rollforwards for balance sheet accounts, as well as information about significant inputs, judgments, assumptions and methods used in measurement will be required. ASU No. 2018-12 is effective for fiscal years beginning after December 15, 2022, with required retrospective application to January 1, 2021. Early adoption is permitted. The Company has begun its implementation efforts and is currently assessing the impact of the new guidance. Given the nature and extent of the required changes, the adoption of this standard is expected to have a significant impact on the Company’s consolidated financial statements and disclosures. In addition to the initial balance sheet impact upon adoption, the Company also expects a change in the pattern of future profit emergence.

14

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Comprehensive Income

Comprehensive income includes all changes in stockholders’ equity (except those arising from transactions with owners/stockholders) and, in the Company’s case, includes net income and net unrealized gains or losses on available for sale debt securities.

Investments

Debt securities consist primarily of bonds, notes, and asset-backed securities. Acquisition discounts and premiums on debt securities are amortized into investment income through call or maturity dates using the effective interest method. Discounts and premiums on asset-backed securities are amortized over the estimated redemption period. Certain asset-backed securities are considered to be other than high quality or otherwise deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment due to unanticipated prepayment events. For these securities, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis. The carrying value of such securities was $174.0 million and $220.1 million as of December 31, 2020 and 2019, respectively.

Debt securities are generally classified as available for sale and are carried at fair value. For debt securities in an unrealized loss position, for which the Company deems an impairment necessary, the amortized cost may be written down to fair value through net losses on derivatives and investments, or an allowance for credit loss (“ACL”) may be recorded along with a charge to net losses on derivatives and investments. This is further described in Note 4.

Equity securities include common stocks, preferred stocks, and mutual funds. All equity securities are carried at fair value with changes in value included in net investment income.

Commercial and residential mortgage loans are generally carried at the aggregate unpaid principal balance, adjusted for any applicable unamortized discount or premium, or ACL. Acquisition discounts and premiums on mortgage loans are amortized into investment income through maturity dates using the effective interest method. Interest income is accrued on the principal balance of the loan based on the loan’s contractual interest rate. Interest income and amortization of premiums and discounts are reported in net investment income along with prepayment fees and mortgage loan fees, which are recorded as incurred.

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net losses on derivatives and investments. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The process for determining the ACL is further described in Note 4.

Unfunded commitments are included in the model and an ACL is determined accordingly. Credit loss estimates are pooled by property type and the Company does not include accrued interest in the determination of ACL.

Mortgage loans on real estate deemed uncollectible are charged against the ACL, and subsequent recoveries, if any, are credited to the ACL, limited to the aggregate of amounts previously charged-off.

Accrued interest receivables are presented separate from the amortized cost of debt securities and mortgage loans. An ACL is not estimated on an accrued interest receivable, rather receivable balances that are deemed uncollectible are written off with a corresponding reduction to net investment income.

Policy loans are loans the Company issues to contract holders that use the cash surrender value of their life insurance policy or annuity contract as collateral. At December 31, 2020 and 2019, $3.5 billion and $3.6 billion, respectively, of these loans were carried at fair value, which the Company believes is equal to unpaid principal balances, plus accrued investment income. At both December 31, 2020 and 2019, the Company had $1.1 billion of policy loans not held as collateral for reinsurance, which were carried at the unpaid principal balances.

Other invested assets primarily include investments in Federal Home Loan Bank capital stock, limited partnerships (“LPs”), and real estate. Federal Home Loan Bank capital stock is carried at cost and adjusted for any impairment. Real estate is carried at the lower of depreciated cost or fair value. Carrying values for limited partnership investments are generally determined by using the proportion of the Company’s investment in each fund (Net Asset Value (“NAV”) equivalent) as a practical expedient for fair value, and generally are recorded on a three-month lag, with changes in value included in net investment income.

15

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The Company’s involvement with variable interest entities (“VIEs”) is primarily to invest in assets that gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance the activities of the entity without additional subordinated financial support, or where equity investors lack certain characteristics of a controlling financial interest. The Company performs ongoing qualitative assessments of variable interests in VIEs to determine whether it has a controlling financial interest and would, therefore, be considered the primary beneficiary of the VIE. If the Company determines it is the primary beneficiary of a VIE, it consolidates the assets and liabilities of the VIE in its consolidated financial statements.

Realized gains and losses on sales of investments are recognized in income at the date of sale and are determined using the specific cost identification method.

The changes in unrealized gains and losses on certain investments that are classified as available for sale and the non-credit related portion of other-than-temporary impairment charges, prior to adoption of ASU 2016-13, are excluded from net income and included as a component of other comprehensive income and total equity, net of tax and the effect of the adjustment for deferred acquisition costs and deferred sales inducements. The changes in unrealized gains and losses on investments for which Jackson elected the fair value option are included in net investment income.

Freestanding Derivative Instruments

The Company enters into financial derivative transactions, including, but not limited to, swaps, put-swaptions, futures and options to reduce and manage business risks. These transactions manage the risk of a change in the value, yield, price, cash flows, credit quality or degree of exposure with respect to assets, liabilities or future cash flows which the Company has acquired or incurred. The Company does not account for freestanding derivatives as either fair value or cash flow hedges as might be permitted if specific hedging documentation requirements were followed. As a result, freestanding derivatives are carried at fair value on the balance sheet with settlements and changes in fair value recorded in net losses on derivatives and investments, as further detailed in Note 5.

With respect to the Company’s interest rate swaps and cross-currency swaps, which are further described in Note 5, the Company records the income related to periodic interest payment settlements within net losses on derivatives and investments. Although the Company does not account for these as cash flow hedges, the income from these settlements is considered operating income due to the cash settlement nature and is reported, as such, within the Company’s segment related disclosure within pretax adjusted operating earnings.

The Company manages the potential credit exposure for over-the-counter derivative contracts through evaluation of the counterparty credit standing, collateral agreements, and master netting agreements. The Company is exposed to credit-related losses in the event of nonperformance by counterparties, however, it does not anticipate nonperformance. There were no charges due to nonperformance by derivative counterparties in 2020, 2019, or 2018.

Embedded Derivatives – Product Liabilities

Certain product liabilities, including fixed index annuities and guarantees offered in connection with variable or fixed index annuities issued by the Company, may contain embedded derivatives. Derivatives embedded in certain host insurance contracts that have been separated for accounting and financial reporting purposes, are carried at fair value. The results from changes in value of embedded derivatives are reported in net income, as further detailed in Note 5.

See “Variable Annuity Guarantees” and “Fixed Index Annuities” for additional information on the accounting policies for embedded derivatives bifurcated from insurance host contracts.

Embedded Derivatives – Funds Withheld Reinsurance Agreements

The Company has recorded an embedded derivative liability related to the Athene Reinsurance Agreement (the “Athene Embedded Derivative”) in accordance with ASC 815-15-55-107 and 108,“Derivatives and Hedging Case B: Reinsurer’s Receivable Arising from a Modified Coinsurance Arrangement” as Jackson’s obligation under the Reinsurance Agreement is based on the total return of investments in a segregated funds withheld account rather than Jackson’s own creditworthiness. As the Reinsurance Agreement transfers the economics of the investments in the segregated funds withheld account to Athene, they will receive an investment return equivalent to owning the underlying assets. At inception of the Reinsurance Agreement, the Athene Embedded Derivative was valued at zero. Additionally, the inception fair value of the investments in the segregated funds withheld account differed from their book value and, accordingly, the amortization of this difference is reported in Net Gain/Loss on Derivatives in the Consolidated Income Statement, while the investments are held. Subsequent to the effective date of the Reinsurance Agreement, the Athene Embedded Derivative is measured at fair value with changes reported in Net Losses on

16

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Derivatives and Investments in the Consolidated Income Statement. The Athene Embedded Derivative Liability is included in Funds Withheld Payable Under Reinsurance Treaties in the Consolidated Balance Sheet.

See “Athene Reinsurance” for additional information on the Athene Reinsurance Transaction.

Variable Annuity Guarantees

Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. Certain benefits, including non-life contingent components of guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum withdrawal benefits for life (“GMWB for Life”), guaranteed minimum accumulation benefits (“GMAB”) and the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are recorded at fair value. Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits. Variable annuity embedded derivatives are carried at fair value on the Company’s balance sheet as a component of reserves for future policy benefits and claims payable. The Company discontinued offering the GMIB in 2009 and GMAB in 2011.

The non-life contingent component of GMWB and GMWB for Life contracts consists of those guaranteed withdrawal amounts paid to the contract holder in excess of the account value of the contract, up to the amount of the living benefit base. Withdrawal amounts paid to the contract holder in excess of the living benefit base are considered life contingent, and are accounted for as insurance benefits. GMABs and non-life contingent components of GMWB and GMWB for Life contracts are recorded at fair value with changes in fair value recorded in net losses on derivatives and investments. The fair value of the reserve is based on the expectations of future benefit payments and certain future fees associated with the benefits. At the inception of the contract, the Company attributes to the embedded derivative a portion of rider fees

collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative. Thus, when unfavorable equity market movements cause declines in the contract holder’s account value relative to the guarantee benefit, the valuation of future expected claims would generally increase relative to the measurement performed at the inception of the contract, resulting in an increase in the fair value of the embedded derivative liability (and vice versa).

Fair values for GMWB, GMWB for Life, and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.

The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations regarding policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates. The more significant actuarial assumptions include benefit utilization by policyholders, lapse, mortality and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable.

At each valuation date, the fair value calculation reflects expected returns based on the greater of LIBOR swap rates and constant maturity treasury rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience.

The fair value of a liability reflects the effect of nonperformance risk. Nonperformance risk includes, but may not be limited to, a reporting entity’s own credit risk. The Company incorporates nonperformance risk into the fair value calculation through the use of discount rates based on a blend of observed market yields on debt for life insurers with similar credit ratings to the Company and matrix pricing data for expected yields on Jackson Financial debt (either actual debt issuance or indicative quotes) adjusted to operating company levels.

17

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

As markets change, mature and evolve and actual policyholder behavior emerges, management regularly evaluates the appropriateness of its assumptions for this component of the fair value model.

The use of the models and assumptions described above requires a significant amount of judgment. Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could be significantly different than this fair value.

Fixed Index Annuities

The equity-linked option associated with fixed index annuities issued by the Company is accounted for at fair value as an embedded derivative on the Company’s consolidated balance sheets as a component of other contract holder funds, with changes in fair value recorded in net income. The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates. Thus, favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company also establishes a host contract reserve to support the underlying guaranteed account value growth. This host reserve is a component of other contract holder funds on the Company’s consolidated balance sheets. In addition, longevity riders may be issued on fixed index annuities. The benefits for these riders are reserved for as insurance benefits similarly to the life-contingent variable annuity guaranteed benefits described above, and are a component of reserves for future policy benefits and claims payable on the Company’s consolidated balance sheets.

Cash and Cash Equivalents

Cash and cash equivalents primarily include money market instruments and bank deposits.

Fair Value Measurement

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All financial assets and liabilities measured at fair value are required to be classified into one of the following categories:

Level 1    Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include U.S. Treasury securities and exchange traded equity securities and derivative instruments.

Level 2    Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most debt securities that are model priced using observable inputs are classified within Level 2. Also included are freestanding and embedded derivative instruments that are priced using models with observable market inputs.

Level 3    Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Embedded derivatives that are valued using unobservable inputs are included in Level 3. Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Company determines the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Company may also determine fair value based on estimated future cash flows discounted at the

18

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

appropriate current market rate. When appropriate, fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument. At times, illiquid market conditions may result in inactive markets for certain of the Company’s financial instruments. In such instances, there may be no or limited observable market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed. As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

Refer to Note 6 for further discussion of the methodologies used to determine fair values of the Company’s financial instruments.

Deferred Acquisition Costs

Under current accounting guidance, certain costs that are directly related to the successful acquisition of new or renewal insurance business are capitalized as deferred acquisition costs. These costs primarily pertain to commissions and certain costs associated with policy issuance and underwriting. All other acquisition costs are expensed as incurred.

Deferred acquisition costs are increased by interest thereon and amortized into income in proportion to anticipated premium revenues for traditional life policies and in proportion to estimated gross profits, including net losses on derivatives and investments, for annuities and interest-sensitive life products. Due to volatility of certain factors that affect gross profits, including net losses on derivatives and investments, amortization may be a benefit or a charge in any given period. In the event of negative amortization, the related deferred acquisition cost balance is capped at the initial amount capitalized, plus interest. Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed. Deferred acquisition costs are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts. The Company’s accounting policy includes reinsurance balances when evaluating recoverability of deferred acquisition costs. Any amount deemed unrecoverable is written off with a charge through deferred acquisition costs amortization. Other than the amounts related to the Athene Reinsurance Transaction, no such write-offs were required for 2020, 2019, and 2018.

As certain available for sale debt securities are carried at fair value, an adjustment is made to deferred acquisition costs equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on available for sale debt securities, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income. At December 31, 2020 and 2019, deferred acquisition costs decreased by $139.8 million and $430.0 million, respectively, to reflect this adjustment.

For variable annuity business, the Company employs a mean reversion methodology that is applied with the objective of adjusting the amortization of deferred acquisition costs that would otherwise be highly volatile due to fluctuations in the level of future gross profits arising from changes in equity market levels. The mean reversion methodology achieves this objective by applying a dynamic adjustment to the assumption for short-term future investment returns. Under this methodology, the projected returns for the next five years are set such that, when combined with the actual returns for the current and preceding two years, the average rate of return over the eight-year period is 7.15% for 2020 and 7.4% for 2019, after external investment management fees. The mean reversion methodology does, however, include a cap and a floor of 15% and 0% per annum, respectively, on the projected return for each of the next five years. At December 31, 2020 and 2019, projected returns under mean reversion were within the range bound by the 15% cap and 0% floor. At December 31, 2020 and 2019, projected returns after the next five years were set at 7.15% and 7.4%, respectively.

The Company evaluated the recoverability of previously established deferred acquisition cost assets in accordance with ASC 944-30-35-22. The Company determined it was appropriate to immediately write-off the remaining deferred

19

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

acquisition costs on the business reinsured to Athene as no future profits will be recognized on this business at this aggregated level of recoverability testing. Accordingly, amortization of deferred acquisition costs for the year ended December 31, 2020 included a write-off of $625.8 million related to the blocks of fixed and fixed-index annuity business, as a result of the Athene transaction.

Deferred Sales Inducements

Under current accounting guidance, certain sales inducement costs that are directly related to the successful acquisition of new or renewal insurance business are capitalized as deferred sales inducement costs. Bonus interest on deferred fixed annuities and contract enhancements on fixed index annuities and variable annuities are capitalized as deferred sales inducements and included in other assets. Deferred sales inducements ("DSI") are increased by interest thereon and amortized into income in proportion to estimated gross profits, including net losses on derivatives and investments. Due to volatility of certain factors that affect gross profits, including net losses on derivatives and investments, amortization may be a benefit or a charge in any given period. In the event of negative amortization, the related deferred sales inducements balance is capped at the initial amount capitalized, plus interest. Unamortized deferred sales inducements are written off when a contract is internally replaced and substantially changed. Deferred sales inducements are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts. Any amount deemed unrecoverable is written off with a charge through deferred sales inducements amortization. Other than the amounts related to the Athene Reinsurance Transaction, no such write-offs were required for 2020, 2019 and 2018.

As certain debt securities available for sale are carried at fair value, an adjustment is made to deferred sales inducements equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on debt securities available for sale, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income. At December 31, 2020 and 2019 deferred sales inducements decreased by $1.0 million and $88.6 million, respectively, to reflect this adjustment.

For variable annuity business, the Company employs the same mean reversion methodology as is employed for deferred acquisition costs as described above.

In assessing recoverability for both deferred acquisition costs and deferred sales inducements, the Company evaluates its fixed index annuity and fixed annuity blocks of business separately from its variable annuity business consistent with the manner of acquiring, servicing and measuring profitability of these products.

The Company evaluated the recoverability of previously established deferred acquisition costs and deferred sales inducement assets in accordance with ASC 944-30-35-22. The Company determined it was appropriate to immediately write-off the remaining deferred acquisition costs and deferred sales inducement costs on the business reinsured to Athene as no future profits will be recognized on this business at this aggregated level of recoverability testing. Accordingly, amortization of deferred sales inducement costs for the year ended December 31, 2020 included a write-off of $138.2 million related to the blocks of fixed and fixed-index annuity business, as a result of the Athene transaction.

Actuarial Assumption Changes (Unlocking)

Annually, or as circumstances warrant, the Company conducts a comprehensive review of the assumptions used for its estimates of future gross profits underlying the amortization of deferred acquisition costs and deferred sales inducements, as well as the valuation of the embedded derivatives and reserves for life insurance and annuity products with living benefit and death benefit guarantees. These assumptions include, but may not be limited to, policyholder behavior, mortality rates, expenses, projected hedging costs, investment returns and policy crediting rates. Based on this review, the cumulative balances of deferred acquisition costs, deferred sales inducements and life and annuity guaranteed benefit reserves are adjusted with a corresponding benefit or charge to net income.

Reinsurance and Funds Withheld Payable Under Reinsurance Treaties

The Company enters into assumed and ceded reinsurance agreements with other companies in the normal course of business. Ceded reinsurance agreements are reported on a gross basis on the Company’s consolidated balance sheets as an asset for amounts recoverable from reinsurers or as a component of other assets or liabilities for amounts, such as premiums, owed to or due from reinsurers. Reinsurance assumed and ceded premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premium income and benefit expenses are reported net of reinsurance assumed and ceded.

20

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Athene Reinsurance (as restated)

On June 18, 2020, the Company announced that it had entered into a funds withheld coinsurance agreement with Athene effective June 1, 2020 to reinsure on 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission, which was subject to a post-closing adjustment.

The coinsurance with funds withheld agreement required the Company to establish a segregated account in which the investments supporting the ceded obligations are maintained. While the economic benefits of the investments flow to Athene, the Company retains physical possession and legal ownership of the investments supporting the reserves. Upon closing of the transaction, Jackson placed investments into the segregated account with a statutory book value of $25.6 billion. The investments maintained in the segregated account are valued at statutory carrying value for purposes of determining periodic settlement amounts under the coinsurance agreement. The investments in the segregated account are subject to an investment management agreement between the Company and Apollo Insurance Solutions Group LP (“Apollo”), an Athene affiliate. Further, the investments in the segregated account are not available to settle any policyholder obligations other than those specifically covered by the coinsurance agreement and are not available to settle obligations to general creditors of the Company. The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement. To further support its obligations under the coinsurance agreement, Athene procured $1.2 billion in letters of credit for the Company’s benefit and established a trust account for the Company’s benefit, which had a book value of approximately $69.5 million. In September 2020, the post-closing settlement resulted in ceded premium of $6.3 million and a decrease of $28.5 million in ceding commission.

As a result of this transaction, the Company evaluated the recoverability of previously established deferred acquisition costs, deferred sales inducement assets, and of cost of reinsurance assets in accordance with ASC 944-30-35-22. The Company’s accounting policy includes reinsurance balances when evaluating recoverability of DAC and DSI. Accordingly, the Company determined it was appropriate to immediately write-off the remaining DAC, DSI, and the cost of reinsurance on the business reinsured to Athene as no future profits will be recognized on this business at this aggregated level of recoverability testing.

The following table summarizes the impact of the Athene transaction on the consolidated statements of income for the year ended December 31, 2020 (in millions, as restated):

	2020 (As Restated)
Contractual ceding commission	$	1,202.5
Cost of reinsurance write-off (1)	(2,520.1)
DAC and DSI write-off	(764.0)
Total pretax loss on Athene Reinsurance Transaction	$	(2,081.6)
(1)Cost of reinsurance reflects the net impact of the fair value of assets of $30.1 billion and ceded reserves of $27.6 billion.

Swiss-Re Reinsurance

The Company has three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”). Pursuant to these retro treaties, the Company ceded to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business.

As a result, the Company holds certain assets, primarily in the form of policy loans and debt securities, as collateral for the reinsurance recoverable. Investment income and net losses on derivatives and investments earned on assets held as collateral are paid by the Company to the reinsurer, pursuant to the terms of the agreements. Investment income and net losses on derivatives and investments are reported net of net losses on derivatives and investments on funds withheld payable under reinsurance treaties, with no net impact on the Company’s consolidated income statements.

The Company elected the fair value option for assets which are held as collateral for reinsurance, as well as the related established funds withheld payable as further described below. The value of the funds withheld payable is equal to the fair value of the assets held as collateral.

21

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The income credited to reinsurers on the funds withheld payable for the reinsurance agreements is based on the income earned on those assets, which results in an embedded derivative (total return swap). However, for the funds withheld payable, the changes in fair value reported in net losses on derivatives and investments. Accordingly, the embedded derivative is not bifurcated or separately valued.

Receivables from Affiliates

Effective December 30, 2016, the Company executed a reserve financing transaction, whereby, for statutory reporting, the risk on $319.0 million of statutory basis redundant term life reserves was transferred to a third-party reinsurer. In conjunction with the transaction, Squire Re II financed the excess reserves through a surplus note (the “Squire Surplus Note”) issued to an affiliate, Brier Capital LLC (“Brier”), in return for a note receivable from Brier (the “Financing Note”). Quarterly interest payments due under the Financing Note and the Squire Surplus Note are offset against each other and only the net amounts are due. The outstanding principal on the Financing Note and the Squire Surplus Note, each initially $344.0 million, are expected to increase or decrease in relation to changes in the excess reserves financed. The Financing Note, reported in Receivables from Affiliates, matures December 30, 2031 and bears interest at 4.00%. The outstanding balance of both the Financing Note and the Squire Surplus Note was $211.4 million and $247.8 million at December 31, 2020 and 2019, respectively.

Jackson provides a revolving credit facility to Jackson Holdings, LLC, an upstream holding company. There was no outstanding balance at December 31, 2020 or 2019.

Value of Business Acquired

The Company has an intangible asset representing the value of business acquired (“VOBA”), which is included in other assets. In connection with the acquisition of insurance policies and investment contracts in the acquisition of a business, a portion of the purchase price is assigned to the right to receive future gross profits from previously acquired insurance policies and investment contracts. This intangible asset, or VOBA, represents the actuarially estimated present value of future cash flows from the acquired policies. The Company established a VOBA intangible asset for the acquired traditional life insurance products and deferred annuity contracts. This intangible asset is amortized over the life of the business, which approximates 20 years. The unamortized VOBA balance is subject to recoverability testing at the end of each reporting period to ensure that the balance does not exceed the present value of anticipated gross profits.

Income Taxes

The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as certain foreign jurisdictions.

Jackson files a consolidated federal income tax return with Brooke Life, JNY, and, Squire Re II. Jackson National Life (Bermuda) LTD and VFL International Life Company SPC, LTD are taxed as controlled foreign corporations of Jackson. With the exception of several insignificant wholly owned subsidiaries that are not included in the Jackson consolidated tax return, all other subsidiaries are limited liability companies with all of their interests owned by Jackson. Accordingly, they are not considered separate entities for income tax purposes and, therefore, are taxed as part of the operations of Jackson. Income tax expense is calculated on a separate company basis.

Brooke Life, Jackson, JNY, and Squire Re II have entered into written tax sharing agreements. These tax sharing agreements are generally based on a separate return basis with benefits for credits and losses.

Deferred federal income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes. Such temporary differences are principally related to the effects of recording certain invested assets at market value, the deferral of acquisition costs and sales inducements and the provisions for future policy benefits and expenses. Deferred tax assets and liabilities are measured using the tax rates expected to be in effect when such benefits are realized. Jackson is required to test the value of deferred tax assets for realizability. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company considers the carryback eligibility of losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies.

The determination of the valuation allowance for Jackson’s deferred tax assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of

22

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

future performance. In order to recognize a tax benefit in the consolidated financial statements, there must be a greater than fifty percent chance of success of the Company’s position being sustained by the relevant taxing authority with regard to that tax position. Management’s judgments are potentially subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitor pricing and other specific industry and market conditions.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.

Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds

For traditional life insurance contracts, which include term and whole life, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, lapse and expenses, plus provisions for adverse deviations. These assumptions are not unlocked unless the reserve is determined to be deficient. Interest rate assumptions range from 2.5% to 6.0%. Lapse, mortality, and expense assumptions for recoverability are based primarily on Company experience. The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 10.

Group payout annuities consist of a closed block of defined benefit annuity plans. The liability for future benefits for these limited payment contracts is calculated using assumptions as of the acquisition date as to mortality and expense plus provisions for adverse deviation.

In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition. This adjustment was recorded in reserves for future policy benefits and claims payable. This reserve is reassessed at the end of each period, taking into account changes in the in-force block. Any resulting change in the reserve is recorded as a change in policy reserve through the consolidated income statements.

For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to previously acquired business. For fixed deferred annuities, the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder’s account value, plus, as applicable, the unamortized balance of the previously mentioned fair value adjustment. The liability for fixed index annuities is based on three components, 1) the imputed value of the underlying guaranteed host contract, 2) the fair value of the embedded option component of the contract, and 3) the liability for guaranteed benefits related to the minimum payments for life rider.

The Company has formed both a special purpose vehicle and a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements.

Those Medium Term Note instruments issued in a foreign currency have been economically hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency gains and losses using exchange rates as of the reporting date. Foreign currency gains and losses are included in net losses on derivatives and investments.

Jackson and Squire Re are members of the Federal Home Loan Bank of Indianapolis (“FHLBI”) primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities. Members are required to purchase and hold a minimum amount of FHLBI capital stock, plus additional stock based on outstanding advances. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI.

The Company’s institutional products business is comprised of the guaranteed investment contracts, medium term note funding agreements and FHLBI funding agreement advances described above.

23

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Contingent Liabilities

The Company is a party to legal actions and, at times, regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate their impact on the Company’s financial position. A reserve is established for contingent liabilities if it is probable that a loss has been incurred and the amount is reasonably estimable. It is possible that an adverse outcome in certain of the Company’s contingent liabilities, or the use of different assumptions in the determination of amounts recorded, could have a material effect upon the Company’s financial position. However, it is the opinion of management that the ultimate disposition of contingent liabilities is unlikely to have a material adverse effect on the Company's financial position.

Separate Account Assets and Liabilities

The Company maintains separate account assets, which are reported at fair value. The related liabilities are reported at an amount equivalent to the separate account assets. At December 31, 2020 and 2019, the assets and liabilities associated with variable life and annuity contracts were $219.1 billion and $195.1 billion, respectively. Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company. Refer to Notes 10 and 15 for additional information regarding the Company’s contractual guarantees. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements. Amounts assessed against the contract holders for mortality, variable annuity benefit guarantees, administrative, and other services are reported in revenue as fee income.

Included in the assets and liabilities described above is a Company issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the Jackson National Separate Account – II, which had balances of $364.5 million and $316.3 million at December 31, 2020 and 2019, respectively. The Company receives administrative fees for managing the funds. These fees are recorded as earned and included in fee income in the consolidated income statements.

Debt

Liabilities for the Company’s debt are primarily carried at an amount equal to the unpaid principal balance. Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding. Refer to Note 11 for further information regarding the Company’s debt.

Share-Based Compensation

As more fully described in Note 17, the Company has certain share award plans that are either equity classified or liability classified.

Revenue and Expense Recognition

Premiums for traditional life insurance are reported as revenues when due. Benefits, claims and expenses are associated with earned revenues in order to recognize profit over the lives of the contracts. This association is accomplished through provisions for future policy benefits and the deferral and amortization of certain acquisition costs.

Deposits on interest-sensitive life products and investment contracts, principally deferred annuities and guaranteed investment contracts, are treated as policyholder deposits and excluded from revenue. Revenues consist primarily of investment income and charges assessed against the account value for mortality charges, surrenders, variable annuity benefit guarantees and administrative expenses. Fee income also includes revenues related to asset management fees and certain service fees. Surrender benefits are treated as repayments of the policyholder account. Annuity benefit payments are treated as reductions to the policyholder account. Death benefits in excess of the policyholder account are recognized as an expense when incurred. Expenses consist primarily of the interest credited to policyholder deposits. Underwriting and other direct acquisition expenses are associated with gross profit in order to recognize profit over the life of the business. This is accomplished through deferral and amortization of acquisition costs and sales inducements. Expenses not related to policy acquisition are recognized when incurred.

Investment income is not accrued on securities in default and otherwise where the collection is uncertain. In these cases, receipts of interest on such securities are used to reduce the cost basis of the securities.

24

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Subsequent Events

The Company has evaluated events through April 12, 2021, which is the date the consolidated financial statements were originally issued.

On February 10, 2021, senior leadership changes were announced appointing Laura Prieskorn as Chief Executive Officer and Marcia Wadsten as Chief Financial Officer of the Company.

In connection with the restatement of the consolidated financial statements, the Company has evaluated events through July 16, 2021, the date on which the consolidated financial statements were available to be reissued, and concluded there were no such events that require disclosure.

4.    Investments

Investments are comprised primarily of fixed-income securities and loans, primarily publicly-traded corporate and government bonds, asset-backed securities and mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and guaranteed investment contracts on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Debt Securities

The following table sets forth the composition of the fair value of debt securities at December 31, 2020, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s affiliated investment advisor. The Company uses the second lowest rating by an NRSRO when NRSRO ratings are not equivalent and, for purposes of the table, if not otherwise rated by a NRSRO, the NAIC rating of a security is converted to an equivalent NRSRO-style rating. At December 31, 2020, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $959.5 million.

	Percent of Total
	Debt Securities
	Carrying Value
Investment Rating	December 31, 2020
	(As Restated)
AAA	19.3	%
AA	8.3	%
A	31.1	%
BBB	38.2	%
Investment grade	96.9	%
BB	2.4	%
B and below	0.7	%
Below investment grade	3.1	%
Total fixed maturities	100.0	%

As restated, at December 31, 2020, based on ratings by NRSROs, of the total carrying value of debt securities in an unrealized loss position, 82% were investment grade, 2% were below investment grade and 16% were not rated. Unrealized losses on debt securities that were below investment grade or not rated were approximately 18% of the aggregate gross unrealized losses on available for sale debt securities.

Corporate securities in an unrealized loss position were diversified across industries. As restated, as of December 31, 2020, the industries accounting for the largest percentage of unrealized losses included financial services (36% of corporate gross unrealized losses) and energy (19%). The largest unrealized loss related to a single corporate obligor was $14.0 million at December 31, 2020.

25

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

In accordance with guidance adopted January 1, 2020 regarding expected credit loss, securities that incurred a credit loss after December 31, 2019 and were still held at December 31, 2020, are presented net of ACL. In accordance with previous guidance, the non-credit other-than-temporary impairment (“OTTI”) loss is presented for securities, where applicable. At December 31, 2020 and 2019, the amortized cost, gross unrealized gains and losses, fair value and OTTI of debt securities or ACL were as follows (in millions, as restated):

				Allowance		Gross		Gross
		Amortized		for		Unrealized		Unrealized		Fair
December 31, 2020		Cost (1)		Credit Loss		Gains		Losses		Value
Debt Securities
	U.S. government securities	$	5,072.6	$	—	$	161.8	$	114.9	$	5,119.5
	Other government securities	1,496.6		—		200.7		0.7		1,696.6
	Public utilities	6,225.2		—		1,026.0		1.9		7,249.3
	Corporate securities	31,846.0		—		3,284.2		41.9		35,088.3
	Residential mortgage-backed	893.2		—		74.0		1.2		966.0
	Commercial mortgage-backed	3,069.2		—		247.7		3.5		3,313.4
	Other asset-backed securities	5,617.0		13.6		100.7		5.1		5,699.0
	Total debt securities	$	54,219.8	$	13.6	$	5,095.1	$	169.2	59,132,1
				Gross		Gross
		Amortized		Unrealized		Unrealized		Fair		Non-credit
December 31, 2019		Cost (1)		Gains		Losses		Value		OTTI (2)
Debt Securities
	U.S. government securities	$	5,709.0	$	427.5	$	0.7	$	6,135.8	$	—
	Other government securities	1,601.3		140.2		0.1		1,741.4		—
	Public utilities	6,150.4		602.2		2.3		6,750.3		—
	Corporate securities	34,225.8		2,141.3		16.8		36,350.3		—
	Residential mortgage-backed	989.3		60.4		1.5		1,048.2		(24.1)
	Commercial mortgage-backed	2,948.4		101.5		3.5		3,046.4		0.2
	Other asset-backed securities	1,881.1		30.0		9.4		1,901.7		(10.8)
	Total debt securities	$	53,505.3	$	3,503.1	$	34.3	$	56,974.1	$	(34.7)
(1)	Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.
(2)	Represents the amount of cumulative non-credit OTTI gains (losses) recognized in other comprehensive income for which credit impairments have been recorded.

26

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of debt securities at December 31, 2020, by contractual maturity, are shown below (in millions, as restated). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.

			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized
	Cost(1)		Credit Loss		Gains		Losses		Fair Value
Due in 1 year or less	$	1,718.2	$	—	$	21.2	$	0.1	$	1,739.3
Due after 1 year through 5 years	8,478.5		—		646.0		11.5		9,113.0
Due after 5 years through 10 years	16,250.8		—		1,757.6		17.2		17,991.2
Due after 10 years through 20 years	8,308.3		—		1,187.3		40.9		9,454.7
Due after 20 years	9,884.6		—		1,060.6		89.7		10,855.5
Residential mortgage-backed	893.2		—		74.0		1.2		966.0
Commercial mortgage-backed	3,069.2		—		247.7		3.5		3,313.4
Other asset-backed securities	5,617.0		13.6		100.7		5.1		5,699.0
Total	$	54,219.8	$	13.6	$	5,095.1	$	169.2	$	59,132.1
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.

Securities with a carrying value of $123.1 million and $117.5 million at December 31, 2020 and 2019, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted.

Residential mortgage-backed securities (“RMBS”) include certain RMBS, which are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in millions):

			Allowance		Gross		Gross
	Amortized		for		Unrealized		Unrealized		Fair
	Cost(1)		Credit Loss		Gains		Losses		Value
December 31, 2020 (As Restated)
Prime	$	285.5	$	—	$	16.9	$	0.7	$	301.7
Alt-A	122.0		—		25.5		0.3		147.2
Subprime	61.0		—		13.9		0.2		74.7
Total non-agency RMBS	$	468.5	$	—	$	56.3	$	1.2	$	523.6
					Gross		Gross
			Amortized		Unrealized		Unrealized		Fair
			Cost(1)		Gains		Losses		Value
December 31, 2019
Prime			$	320.8	$	13.1	$	0.1	$	333.8
Alt-A			89.3		25.0		—		114.3
Subprime			80.1		13.0		0.1		93.0
Total non-agency RMBS			$	490.2	$	51.1	$	0.2	$	541.1
(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option.

The Company defines its exposure to non-agency residential mortgage loans as follows. Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 680 or lower.

27

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions):

	December 31, 2020 (As Restated)					December 31, 2019
	Less than 12 months					Less than 12 months
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	114.9	$	3,944.7	7	$	0.4	$	35.3	1
Other government securities	0.7		89.4		7	—		4.0		1
Public utilities	1.9		146.5		17	2.0		177.2		22
Corporate securities	41.4		1,391.1		152	13.3		1,303.6		93
Residential mortgage-backed	1.2		35.3		28	0.8		251.3		27
Commercial mortgage-backed	3.2		151.9		13	3.4		361.9		35
Other asset-backed securities	1.6		824.2		93	8.2		684.2		72
Total temporarily impaired
securities	$	164.9	$	6,583.1	317	$	28.1	$	2,817.5	251
	12 months or longer					12 months or longer
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	—	$	—	—	$	0.3	$	104.6	2
Other government securities	—		—		—	—		—		—
Public utilities	—		—		—	0.4		8.7		1
Corporate securities	0.5		2.9		3	3.5		108.1		22
Residential mortgage-backed	—		1.8		4	0.7		62.9		43
Commercial mortgage-backed	0.3		9.7		1	0.1		10.5		2
Other asset-backed securities	3.5		47.2		5	1.2		63.2		13
Total temporarily impaired
securities	$	4.3	$	61.6	13	$	6.2	$	358.0	83
	Total					Total
	Gross		Fair Value			Gross		Fair Value
	Unrealized				# of	Unrealized				# of
	Losses				securities	Losses				securities
U.S. government securities	$	114.9	$	3,944.7	7	$	0.7	$	139.9	3
Other government securities	0.7		89.4		7	—		4.0		1
Public utilities	1.9		146.5		17	2.4		185.9		23
Corporate securities	41.9		1,394.0		155	16.8		1,411.7		115
Residential mortgage-backed	1.2		37.1		32	1.5		314.2		70
Commercial mortgage-backed	3.5		161.6		14	3.5		372.4		37
Other asset-backed securities	5.1		871.4		98	9.4		747.4		85
Total temporarily impaired
securities	$	169.2	$	6,644.7	330	$	34.3	$	3,175.5	334

Debt securities in an unrealized loss position as of December 31, 2020 did not require an impairment recognized in earnings as the Company did not intend to sell these debt securities; it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis; and the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of impaired securities.

28

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

As of December 31, 2020, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk free rates since purchase. The Company performed a detailed analysis of the financial performance of the underlying issues in an unrealized loss position and determined that recovery of the entire amortized cost of each impaired security is expected. In addition, mortgage-backed and asset-backed securities were assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities, and prepayment rates. The Company estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. The forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts, and other independent market data. Based upon this assessment of the expected credit losses of the security given the performance of the underlying collateral compared to subordination or other credit enhancement, the Company expects to recover the entire amortized cost of each impaired security.

Evaluation of Available For Sale Debt Securities for Credit Loss

For debt securities in an unrealized loss position, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell the security before the amortized cost basis is fully recovered. If either criteria is met, the amortized cost is written down to fair value through net losses on derivatives and investments as an impairment.

Debt securities in an unrealized loss position for which the Company does not have the intent to sell or is not more likely than not to sell the security before recovery to amortized cost are evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors and includes estimates about the operations of the issuer and future earnings potential.

The credit loss evaluation may consider the extent to which the fair value is below amortized cost; changes in ratings of the security; whether a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness; judgments about an obligor’s current and projected financial position; an issuer’s current and projected ability to service and repay its debt obligations; the existence of, and realizable value of, any collateral backing the obligations; and the macro-economic and micro-economic outlooks for specific industries and issuers.

In addition to the above, the credit loss review of investments in asset-backed securities includes the review of future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources.

For mortgage-backed securities, credit losses are assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity. Specifically, for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to net losses on derivatives and investments, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income. The allowance for credit loss for specific debt securities may be increased or reversed in subsequent periods due to changes in the assessment of present value of cash flows that are expected to be collected. Any changes to the

29

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

allowance for credit loss is recorded as a provision for (or reversal of) credit loss expense in net losses on derivatives and investments.

When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses.

Accrued interest receivables are presented separate from the amortized cost basis of debt securities. Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income.

The rollforward of ACL for available for sale securities by sector is as follows (in millions):

December 31, 2020	US government securities		Other government securities		Public utilities		Corporate securities		Residential mortgage-backed		Commercial mortgage-backed		Other asset-backed securities		Total
Balance, beginning of period	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Additions for which credit loss was not previously recorded	—		—		—		—		0.3		—		17.2		17.5
Changes for securities with previously recorded credit loss	—		—		—		—		(0.3)		—		(3.6)		(3.9)
Additions for purchases of PCD debt securities (1)	—		—		—		—		—		—		—		—
Reductions for securities disposed	—		—		—		—		—		—		—		—
Securities intended/required to be sold before recovery of amortized cost basis	—		—		—		—		—		—		—		—
Balance, end of period (2)	$	—	$	—	$	—	$	—	$	—	$	—	$	13.6	$	13.6
(1) Represents purchased credit-deteriorated ("PCD") fixed maturity AFS securities.
(2) Accrued interest receivable on debt securities totaled $432.7 million as of December 31, 2020 and was excluded from the estimate of credit losses.

The following table summarizes net losses on derivatives and investments (in millions, as restated):

	For the Years Ended December 31,
	2020		2019		2018
Available-for-sale securities
Realized gains on sale	$	772.0	$	302.0	$	52.2
Realized losses on sale	(194.7)		(107.0)		(59.8)
Credit loss expense	(13.6)		—		—
Gross impairments	(27.2)		(2.3)		(11.9)
Credit loss expense on mortgage loans	(61.1)		—		—
Other(1)	(102.3)		(8.4)		37.6
Net realized gains excluding derivatives and funds withheld	373.1		184.3		18.1
Net losses on derivative instruments (see Note 5)	(7,267.0)		(6,571.0)		(516.9)
Net realized gains on funds withheld reinsurance treaties (see Note 8)	439.7		(329.8)		(310.5)
Total net losses on derivatives and investments	$	(6,454.2)	$	(6,716.5)	$	(809.3)
(1) Includes the foreign currency gain or loss related to foreign denominated mortgage loans and trust instruments supporting funding agreements.

Net realized gains on funds withheld reinsurance treaties represents income from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments. These realized gains are increased or decreased by changes in the embedded derivative liability related to the Athene Reinsurance Agreement and also includes (i) changes in the related funds withheld payable, as all economic benefits of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements, and (ii) amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements.

30

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The aggregate fair value of securities sold at a loss for the years ended December 31, 2020, 2019, and 2018 was $7,608.0 million, $2,305.4 million and $3,903.1 million, respectively, which was approximately 97%, 96%, and 99% of book value, respectively.

The following summarizes the activity for credit losses recognized in net income on securities where an other-than-temporary impairment was identified, and the non-credit portion of the other-than-temporary impairment was included in other comprehensive income for the year ended December 31, 2019 (in millions):

	2019
Cumulative credit loss beginning balance	$	200.9
Additions:
New credit losses	1.1
Incremental credit losses	1.3
Reductions:
Securities sold, paid down or disposed of	(20.8)
Securities where there is intent to sell	(1.1)
Cumulative credit loss ending balance	$	181.4

There are inherent uncertainties in assessing the fair values assigned to the Company’s investments and in determining whether a decline in fair value is other-than-temporary. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the consolidated financial statements, unrealized losses currently reported in accumulated other comprehensive income may be recognized in the consolidated income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

Unconsolidated VIEs

The Company invests in certain limited partnerships (“LPs”) and limited liability companies (“LLCs”) that they have concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs as it does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In addition, the Company does not have the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the entities. Therefore, the Company does not consolidate these VIEs and the carrying amounts of the Company’s investments in these LPs and LLCs are recognized in other invested assets on the consolidated balance sheets. Unfunded commitments for these investments are detailed in Note 15. The Company’s exposure to loss is limited to the capital invested and unfunded commitments related to the LPs and LLCs, which was $2,598.4 million and $1,979.4 million as of December 31, 2020 and 2019, respectively. The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC. LPs and LLCs are carried at fair value as described in Note 3.

The Company invests in certain mutual funds that it has concluded are VIEs. Based on the analysis of these entities, the Company is not the primary beneficiary of the VIEs. Mutual funds for which the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities are recognized in equity securities on the consolidated balance sheets and were $130.2 million and $135.8 million as of December 31, 2020 and 2019, respectively. The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments.

The Company makes investments in structured debt securities issued by VIEs for which they are not the manager. These structured debt securities include RMBS, CMBS, and ABS. The Company does not consolidate the

31

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

securitization trusts utilized in these transactions because they do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. The Company does not consider their continuing involvement with these VIEs to be significant because they either invest in securities issued by the VIE and were not involved in the design of the VIE or no transfers have occurred between the Company and the VIE. The Company’s maximum exposure to loss on these structured debt securities is limited to the amortized cost of these investments. The Company does not have any further contractual obligations to the VIE. The Company recognizes the variable interest in these VIEs at fair value on the consolidated balance sheets.

Commercial Mortgage Loans

As restated, commercial mortgage loans of $10.2 billion and $9.9 billion at December 31, 2020 and 2019, respectively, are reported net of an allowance for credit losses of $164.7 million and $8.9 million at each date, respectively. At December 31, 2020, commercial mortgage loans were collateralized by properties located in 39 states, the District of Columbia, and Europe. Accrued interest receivable on commercial mortgage loans was $32.3 million and $31.4 million at December 31, 2020 and 2019, respectively.

Residential Mortgage Loans

As restated, residential mortgage loans of $448.6 million and nil at December 31, 2020 and 2019, respectively, are reported net of an allowance for credit losses of $14.5 million and nil at each date, respectively. Loans were collateralized by properties located in 47 states and the District of Columbia. As of December 31, 2020, the portfolio was current and accruing interest, and all loans were in good standing, less than 90 days overdue. Accrued interest receivable on residential mortgage loans was $2.9 million and nil at December 31, 2020 and 2019, respectively.

Mortgage Loan Concessions

In response to the adverse economic impact of the COVID-19 Pandemic, the Company granted concessions to certain of its commercial mortgage loan borrowers, including payment deferrals and other loan modifications. The Company has elected the option under the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act of 2021, and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) issued by bank regulatory agencies, not to account for or report qualifying concessions as troubled debt restructurings and does not classify such loans as past due during the payment deferral period. Additionally, in accordance with the FASB’s published response to a COVID-19 Pandemic technical inquiry, the Company continues to accrue interest income on such loans that have deferred payment. For some commercial mortgage loan borrowers (principally in the hotel and retail sectors), the Company granted concessions which were primarily interest and/or principal payment deferrals generally ranging from 6 to 14 months and, to a much lesser extent, maturity date extensions. Repayment periods are generally within one year but may extend until maturity date. Deferred commercial mortgage loan interest and principal payments were $16.2 million at December 31, 2020. The concessions granted had no impact on the Company’s results of operations or financial position as the Company has not granted concessions that would have been disclosed and accounted for as troubled debt restructurings.

Evaluation for Credit Losses on Mortgage Loans

The Company reviews mortgage loans on a quarterly basis to estimate the ACL with changes in the ACL recorded in net losses on derivatives and investments. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level. The model forecasts net operating income and property values for the economic scenario. The debt service coverage ratios (“DSCR”) and loan to values (“LTV”) are calculated over the forecastable period by comparing the projected net operating income and property valuations to the loan payment and principal amounts of each loan. The model utilizes historical mortgage loan performance based on DSCRs and LTV to derive probability of default and expected losses based on the economic scenario that is similar to the Company’s expectations of economic factors such as unemployment, GDP growth, and interest rates. The Company determined the forecastable period to be reasonable and supportable for a period of two years beyond the end of the reporting period. Over the following one-year period, the model reverts to the historical performance of the portfolio for the remainder of the contractual term of the loans. In cases where the Company does not have an appropriate length of historical performance, the relevant historical rate from an index or the lifetime expected credit loss calculated from the model may be used.

Unfunded commitments are included in the model and an ACL is determined accordingly. Credit loss estimates are pooled by property type and the Company does not include accrued interest in the determination of ACL.

32

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

For individual loans or for types of loans for which the third-party model is deemed not suitable, the Company utilizes relevant current market data, industry data, and publicly available historical loss rates to calculate an estimate of the lifetime expected credit loss.

Mortgage loans on real estate deemed uncollectible are charged against the ACL, and subsequent recoveries, if any, are credited to the ACL, limited to the aggregate of amounts previously charged-off and expected to be charged-off.

Mortgage loans on real estate are presented net of the allowance for credit losses on the consolidated balance sheets.

The following table provides a summary of the allowance for credit losses in the Company’s mortgage loan portfolios at December 31, 2020 and 2019 (in millions):

2020 (As Restated)	Apartment		Hotel		Office		Retail		Warehouse		Residential Mortgage		Total
Balance at beginning of year	$	3.7	$	0.8	$	1.1	$	2.0	$	1.3	—		$	8.9
Cumulative effect of change in
accounting principle	23.6		5.0		7.8		10.3		15.3		—		62.0
Charge offs, net of recoveries	—		—		—		—		—		—		—
Additions from purchase of PCD
mortgage loans	—		—		—		—		—		—		—
Provision (release)	30.6		28.1		16.0		11.9		7.2		14.5		108.3
Balance at end of year (1)	$	57.9	$	33.9	$	24.9	$	24.2	$	23.8	$	14.5	$	179.2
2019	Apartment		Hotel		Office		Retail		Warehouse		Total
Balance at beginning of year	$	1.9	$	0.7	$	0.9	$	1.5	$	0.4	$	5.4
Charge offs, net of recoveries	—		—		—		—		—		—
Additions from purchase of PCD
mortgage loans	—		—		—		—		—		—
Provision (release)	1.8		0.1		0.2		0.5		0.9		3.5
Balance at end of year (1)	$	3.7	$	0.8	$	1.1	$	2.0	$	1.3	$	8.9
(1) Accrued interest receivable totaled $32.3 million and $31.4 million as of December 31, 2020 and 2019, respectively, and was excluded from the estimate of credit losses.

As of December 31, 2020 and 2019, the Company’s mortgage loan portfolio is current and accruing interest. Delinquency status is determined from the date of the first missed contractual payment.

At December 31, 2020 and 2019, there was no recorded investment, no unpaid principal balance, no related loan allowance, no average recorded investment, and no investment income recognized on impaired loans.

33

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following tables provide information about the credit quality and vintage year of commercial mortgage loans (in

millions, as restated):

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
Loan to value ratios:
Less than 70%	$	1,346.5	$	1,315.0	$	1,752.8	$	1,678.7	$	1,320.5	$	1,846.3	$	4.0	$	9,263.8	90	%
70% - 80%	66.2		348.1		127.9		80.0		94.3		128.5		—		845.0		8	%
80% - 100%	—		91.7		4.9		46.8		—		26.7		—		170.1		2	%
Total	$	1,412.7	$	1,754.8	$	1,885.6	$	1,805.5	$	1,414.8	$	2,001.5	$	4.0	$	10,278.9	100	%
Debt service coverage ratios:
Loan to value ratios:
Greater than 1.20x	$	1,078.4	$	1,601.7	$	1,738.0	$	1,794.4	$	1,408.8	$	1,880.6	$	4.0	$	9,505.9	93	%
1.00x - 1.20x	334.3		137.9		89.7		11.1		—		88.8				661.8		6	%
80% - 100%	—		15.2		57.9		—		6.0		32.1				111.2		1	%
Total	$	1,412.7	$	1,754.8	$	1,885.6	$	1,805.5	$	1,414.8	$	2,001.5	$	4.0	$	10,278.9	100	%

	December 31, 2020 (As Restated)
	In Good Standing (1)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	3,905.3	$	—	$	—	$	—	$	3,905.3
Hotel	882.7		—		—		—		882.7
Office	1,569.7		—		—		—		1,569.7
Retail	1,942.4		—		—		—		1,942.4
Warehouse	1,978.8		—		—		—		1,978.8
Total commercial	$	10,278.9	$	—	$	—	$	—	$	10,278.9
Residential	448.6								448.6
Total commercial	$	10,727.5	$	—	$	—	$	—	$	10,727.5
	December 31, 2019
	In Good Standing (1)		Restructured		Greater than 90 Days Delinquent		In the Process of Foreclosure		Total Carrying Value
Apartment	$	3,776.3	$	—	$	—	$	—	$	3,776.3
Hotel	818.1		—		—		—		818.1
Office	1,256.1		—		—		—		1,256.1
Retail	1,777.0		—		—		—		1,777.0
Warehouse	2,276.1		—		—		—		2,276.1
Total	$	9,903.6	$	—	$	—	$	—	$	9,903.6
(1) At December 31, 2020 and 2019, includes mezzanine loans of $44.6 million and $3.8 million in the Apartment category and $116.8 million and $66.0 million in the Office category, $33.4 million and nil in the Hotel category, $48.1 million and nil in the Warehouse category, respectively.

34

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

During 2020 and 2019, there were no commercial mortgage loans involved in troubled debt restructuring. During 2020 and 2019, there were no stressed loans for which the Company is dependent, or expects to be dependent, on the underlying property to satisfy repayment.

Other Invested Assets

Other invested assets primarily include investments in limited partnerships, Federal Home Loan Bank capital stock and real estate. At December 31, 2020 and 2019, investments in limited partnerships had carrying values of $1,582.9 million and $1,384.1 million, respectively. At both December 31, 2020 and 2019, Federal Home Loan Bank capital stock had carrying value of $125.4 million. At December 31, 2020 and 2019, real estate totaling $250.0 million and $256.8 million, respectively, included foreclosed properties with a book value of $0.7 million at both December 31, 2020 and 2019.

Securities Lending

The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of December 31, 2020 and 2019, the estimated fair value of loaned securities was $11.9 million and $46.4 million, respectively. The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. At December 31, 2020 and 2019, cash collateral received in the amount of $12.3 million and $48.3 million, respectively, was invested by the agent banks and included in cash and cash equivalents of the Company. A securities lending payable for the overnight and continuous loans is included in liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as net investment income.

Repurchase Agreements    

The Company routinely enters into repurchase agreements whereby the Company agrees to sell and repurchase securities. These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the consolidated balance sheets. As of December 31, 2020 and 2019, short-term borrowings under such agreements averaged $454.9 million and $77.0 million, respectively, with weighted average interest rates of 0.16% and 2.29%, respectively. At December 31, 2020 and 2019, the outstanding repurchase agreement balance was $1,100.0 million and nil, respectively, collateralized with US Treasury notes and maturing within 30 days, and was included within other liabilities in the consolidated balance sheets. In the event of a decline in the fair value of the pledged collateral under these agreements, the Company may be required to transfer cash or additional securities as pledged collateral. Interest expense totaled $0.8 million, $1.8 million, and $6.8 million during 2020, 2019, and 2018, respectively. The highest level of short-term borrowings at any month end was $1,485.6 million in 2020 and $410.6 million in 2019.

35

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Investment Income

The sources of net investment income were as follows (in millions, as restated):

	Years Ended December 31,
	2020		2019		2018
Debt securities	$	1,579.0	$	2,131.8	$	1,930.7
Equity securities	(3.6)		22.4		(4.2)
Mortgage loans	364.9		392.3		340.6
Policy loans	78.6		89.2		86.0
Limited partnerships	104.8		184.4		185.2
Other investment income	14.3		41.5		29.2
Total investment income excluding funds withheld assets	2,138.0		2,861.6		2,567.5
Net investment income on funds withheld assets (see Note 8)	791.8		329.8		310.5
Investment expenses
Derivative trading commission	(5.2)		(3.7)		(2.9)
Depreciation on real estate	(10.8)		(10.9)		(10.8)
Other investment expenses (1)	(132.9)		(158.4)		(78.7)
Total investment expenses	(148.9)		(173.0)		(92.4)
Net investment income	$	2,780.9	$	3,018.4	$	2,785.6
(1)Includes interest expense and market appreciation on deferred compensation; investment software expense, custodial fees, and other bank fees; institutional product issuance related expenses; and other expenses.

Unrealized (losses) gains included in investment income that were recognized on equity securities held were $(2.1) million, $6.4 million, and $(10.4) million, respectively, at December 31, 2020, 2019, and 2018. Investment loss of $24.9 million, $40.4 million, and $8.7 million, was recognized on securities carried at fair value recorded through income at December 31, 2020, 2019, and 2018, respectively.

5.    Derivative Instruments

Jackson’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, Jackson considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. Jackson’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding derivatives are carried at fair value with changes recorded in net losses on derivatives and investments.

Cross-currency swaps are over-the-counter agreements to exchange interest and principal payments denominated in different currencies. These contracts are entered into for the purpose of hedging the foreign currency exposure on certain debt securities and mortgage loans held in the investment portfolio, as well as trust agreements supported by funding agreements. Cross-currency swaps are carried at fair value.

Cross-currency forwards are over-the-counter agreements to exchange payments denominated in different currencies. These contracts are entered into for the purpose of hedging the foreign currency exposure on certain debt securities and mortgage loans held in the investment portfolio. Cross-currency forwards are carried at fair value.

Credit default swaps, with maturities up to five years, are agreements where the Company has purchased default protection on certain underlying corporate bonds held in its portfolio. These contracts allow the Company to sell the protected bonds at par value to the counterparty if a defined “default event” occurs, in exchange for periodic payments made by the Company for the life of the agreement. Credit default swaps are carried at fair value. The Company does not currently sell default protection using credit default swaps or other similar derivative instruments.

Put-swaption contracts provide the purchaser with the right, but not the obligation, to require the writer to pay the present value of a long-term interest rate swap at future exercise dates. The Company purchases and writes put-swaptions for hedging purposes with original maturities of up to 10 years. Put-swaptions hedge against movements in interest rates. Written put-swaptions may be entered into in conjunction with

36

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

associated put-swaptions purchased from the same counterparties, referred to as linked put-swaptions. Linked put-swaptions have identical notional amounts and strike prices, but have different underlying swap terms. Linked put-swaptions are presented at the fair value of the net position for each pair of contracts. Non-linked put-swaptions are carried at fair value.

Equity index futures contracts and equity index options (including various call and put options, interest rate-contingent options, currency-contingent options, and put spreads), which are used to hedge the Company’s equity risk, including obligations associated with its fixed index annuities and guarantees in variable annuity products, are carried at fair value.

Total return swaps, for which the Company receives returns based on reference pools of assets in exchange for short-term floating rate payments based on notional amounts, are held for both hedging and investment purposes, and are carried at fair value.

Interest rate swap agreements used for hedging purposes generally involve the exchange of fixed and floating payments based on a notional contract amount over the period for which the agreement remains outstanding without an exchange of the underlying notional amount. Interest rate swaps are carried at fair value.

Treasury futures contracts are used to hedge movements in interest rates and are carried at fair value.

37

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments, excluding the Athene embedded derivative, are as follows (in millions, as restated):

	December 31, 2020
	Assets				Liabilities
	Contractual/				Contractual/				Net
	Notional		Fair		Notional		Fair		Fair
	Amount (1)		Value		Amount (1)		Value		Value
Freestanding derivatives
Cross-currency swaps	$	1,228.1	$	93.0	$	516.0	$	(34.0)	$	59.0
Equity index call options	26,300.0		1,127.3		—		—		1,127.3
Equity index futures (2)	—		—		27,651.0		—		—
Equity index put options	27,000.0		178.0		—		—		178.0
Interest rate swaps	4,250.0		721.8		500.0		(0.9)		720.9
Interest rate swaps - cleared (2)	—		—		1,500.0		(8.2)		(8.2)
Put-swaptions	1,000.0		99.5		—		—		99.5
Treasury futures (2)	8,510.6		—		—		—		—
Total freestanding derivatives	68,288.7		2,219.6		30,167.0		(43.1)		2,176.5
Embedded derivatives - product liabilities
VA embedded derivatives (3)	N/A		—		N/A		5,592.1		5,592.1
FIA embedded derivatives (4)	N/A		—		N/A		1,483.9		1,483.9
Total embedded derivatives	N/A		—		N/A		7,076.0		7,076.0
Total (5)	$	68,288.7	$	2,219.6	$	30,167.0	$	7,032.9	$	9,252.5
	December 31, 2019
	Assets				Liabilities
	Contractual/				Contractual/				Net
	Notional		Fair		Notional		Fair		Fair
	Amount (1)		Value		Amount (1)		Value		Value
Freestanding derivatives
Cross-currency swaps	$	695.8	$	12.4	$	514.6	$	(22.0)	$	(9.6)
Equity index call options	31,000.0		561.4		—		—		561.4
Equity index futures (2)	—		—		19,065.3		—		—
Equity index put options	44,500.0		323.3		—		—		323.3
Interest rate swaps	8,750.0		501.7		1,000.0		(2.3)		499.4
Put-swaptions	3,000.0		87.6		—		—		87.6
Treasury futures (2)	2,572.4		—		—		—		—
Total freestanding derivatives	90,518.2		1,486.4		20,579.9		(24.3)		1,462.1
Embedded derivatives - product liabilities
VA embedded derivatives (3)	N/A		—		N/A		2,790.4		2,790.4
FIA embedded derivatives (4)	N/A		—		N/A		1,381.5		1,381.5
Total embedded derivatives	N/A		—		N/A		4,171.9		4,171.9
Total	$	90,518.2	$	1,486.4	$	20,579.9	$	4,147.6	$	5,634.0
(1) The notional amount for swaps and put-swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.
(2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades.
(3) Included within reserves for future policy benefits and claims payable on the consolidated balance sheets. The nonperformance risk adjustment is included in the 2020 balance above.
(4) Included within other contract holder funds on the consolidated balance sheets. The nonperformance risk adjustment is included in the 2020 balance above.
(5) Excludes funds withheld derivative assets of $0.2 million, liabilities of $13.3 million, and embedded derivative liability of $826.6 million under reinsurance treaties, which are reported as a component of net realized gains (losses) on investments.

38

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, as restated):

	Years Ended December 31,
	2020(1)		2019		2018
Cross-currency swaps	$	73.9	$	11.3	$	(36.8)
Equity index call options	1,468.2		103.6		(700.1)
Equity index futures	(8,285.9)		(6,390.8)		2,080.4
Equity index put options	(217.9)		(1,278.7)		(510.6)
Interest rate swaps	577.4		427.0		(145.7)
Interest rate swaps - cleared	1.0		—		—
Put-swaptions	199.2		64.8		13.7
Treasury futures	1,651.0		540.2		30.1
Fixed index annuity embedded derivatives	30.2		(309.9)		42.2
Variable annuity embedded derivatives	(2,764.1)		261.5		(1,290.1)
Total net derivative gains (losses)	$	(7,267.0)	$	(6,571.0)	$	(516.9)

(1) Excludes the loss on derivatives that are part of the funds withheld payable under reinsurance treaties of $228.0 million, which are reported as a component of net realized gains (losses) on investments, and the loss on funds withheld embedded derivative liability of $826.6 million at December 31, 2020.

All of Jackson’s trade agreements for freestanding, over-the-counter derivatives contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At December 31, 2020 and 2019, the fair value of Jackson’s net non-cleared, over-the-counter derivative assets by counterparty were $2,184.7 million and $1,462.1 million, respectively, and held collateral was $2,124.2 million and $1,752.1 million respectively, related to these agreements. At December 31, 2020 and 2019, the fair value of Jackson’s net non-cleared, over-the-counter derivative liabilities by counterparty was $13.1 million and nil, respectively, and provided collateral was $25.7 million and nil, respectively, related to these agreements. If all of the downgrade provisions had been triggered at December 31, 2020 or 2019, in aggregate, Jackson would have had to disburse nil and $290.0 million, respectively, to counterparties, representing the net fair values of derivatives by counterparty, less collateral held.

Offsetting Assets and Liabilities

The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company recognizes amounts subject to master netting arrangements on a gross basis within the consolidated balance sheets.

39

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions):

		December 31, 2020 (As Restated)
		Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets
								Gross Amounts Not Offset in the Consolidated Balance Sheets
								Financial Instruments(1)		Cash Collateral		Securities Collateral (2)		Net Amount
Financial Assets:
	Freestanding derivative assets	$	2,219.8	$	—	$	2,219.8	$	35.1	$	1,097.9	$	890.0	$	196.8
Financial Liabilities:
	Freestanding derivative liabilities	$	56.4	$	—	$	56.4	$	35.1	$	13.1	$	—	$	8.2
	Securities loaned	12.3		—		12.3		—		12.3		—		—
	Repurchase agreements	1,100.0		—		1,100.0		—		—		1,100.0		—
Total financial liabilities		$	1,168.7	$	—	$	1,168.7	$	35.1	$	25.4	$	1,100.0	$	8.2
		December 31, 2019
		Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets
								Gross Amounts Not Offset in the Consolidated Balance Sheets
								Financial Instruments(1)		Cash Collateral		Securities Collateral (2)		Net Amount
Financial Assets:
	Freestanding derivative assets	$	1,486.4	$	—	$	1,486.4	$	24.3	$	820.7	$	617.8	$	23.6
Financial Liabilities:
	Freestanding derivative liabilities	$	24.3	$	—	$	24.3	$	24.3	$	—	$	—	$	—
	Securities loaned	48.3		—		48.3		—		48.3		—		—
Total financial liabilities		$	72.6	$	—	$	72.6	$	24.3	$	48.3	$	—	$	—
(1)	Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the consolidated balance sheets.
(2)	Excludes initial margin amounts for exchange-traded derivatives.

In the above tables, the amounts of assets or liabilities presented in the Company’s consolidated balance sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables. The above tables exclude net embedded derivative liabilities of $7,076.0 million and $4,172.0 million for 2020 and 2019, respectively, as these derivatives are not subject to master netting arrangements. The above tables also exclude the funds withheld embedded derivative liability of $826.6 million for 2020. In addition, repurchase agreements are presented within other liabilities in the consolidated balance sheets.

40

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

6.    Fair Value Measurements

The following table summarizes the fair value and carrying value of Jackson’s financial instruments (in millions):

		December 31, 2020				December 31, 2019
		Carrying Value		Fair Value		Carrying Value		Fair Value
		(As Restated)
Assets
	Debt securities (1)	$	59,132.1	$	59,132.1	$	56,974.1	$	56,974.1
	Equity securities	174.6		174.6		147.7		147.7
	Mortgage loans	10,727.5		11,348.9		9,903.6		10,232.1
	Policy loans(1)	4,522.8		4,522.8		4,705.7		4,705.7
	Limited partnerships	1,582.9		1,582.9		1,384.1		1,384.1
	Freestanding derivative instruments	2,219.8		2,219.8		1,486.4		1,486.4
	FHLBI capital stock	125.4		125.4		125.4		125.4
	Cash and cash equivalents	1,852.9		1,852.9		1,843.8		1,843.8
	GMIB reinsurance recoverable	340.4		340.4		302.8		302.8
	Receivables from affiliates	228.8		228.8		247.8		247.8
	Separate account assets	219,062.9		219,062.9		195,070.5		195,070.5
Liabilities
	Annuity reserves (2)	$	45,393.8	$	53,760.0	$	40,818.1	$	47,985.6
	Reserves for guaranteed investment contracts (3)	1,275.5		1,332.1		1,529.6		1,569.4
	Trust instruments supported by funding agreements (3)	8,383.9		8,701.8		8,852.6		9,086.8
	Federal Home Loan Bank funding agreements (3)	1,478.4		1,421.3		1,904.9		1,925.0
	Funds withheld payable under reinsurance treaties (1)	31,971.5		31,971.5		3,760.3		3,760.3
	Debt	533.4		623.7		574.7		660.1
	Securities lending payable	12.3		12.3		48.3		48.3
	Freestanding derivative instruments	56.4		56.4		24.3		24.3
	Repurchase agreements	1,100.0		1,100.0		—		—
	Federal Home Loan Bank advances	380.0		380.0		300.1		300.1
	Separate account liabilities	219,062.9		219,062.9		195,070.5		195,070.5
(1)	Includes items carried at fair value under the fair value option.
(2)	Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments.
(3)	Included as a component of other contract holder funds on the consolidated balance sheets.

The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on both a recurring and nonrecurring basis reported in the following tables.

Debt and Equity Securities

The fair values for debt and equity securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most debt securities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-

41

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates.

Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs.

The Company performs an analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and ongoing review of third-party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2020 and 2019, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value.

On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs.

Limited Partnerships

Fair values for limited partnership interests, which are included in other invested assets, is generally determined using the proportion of Jackson’s investment in each fund (“NAV equivalent”) as a practical expedient for fair value, and generally are recorded on a three-month lag. No adjustments to these amounts were deemed necessary at December 31, 2020 or 2019. As a result of using the net asset value per share practical expedient, limited partnership interests are not classified in the fair value hierarchy.

The Company’s limited partnership interests are not redeemable and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. In cases when the Company expects to sell the limited partnership interest, the estimated sales price is used to determine the fair value. These limited partnership interests are classified as Level 2 in the fair value hierarchy.

In cases when a limited partnership’s financial statements are unavailable and a NAV equivalent is not available or practical, an internally developed model is used to determine fair value for that fund. These investments are classified as Level 3 in the fair value hierarchy.

42

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Mortgage Loans

Fair values are generally determined by discounting expected future cash flows at current market interest rates, inclusive of a credit spread, for similar quality loans. For loans whose value is dependent upon the underlying property, fair value is determined to be the estimated value of the collateral. Certain characteristics considered significant in determining the spread or collateral value may be based on internally developed estimates. As a result, these investments have been classified as Level 3 within the fair value hierarchy.

Policy Loans

Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. Policy loans have been classified as Level 3 within the fair value hierarchy.

Freestanding Derivative Instruments

Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in net losses on derivatives and investments. Freestanding derivatives priced using third party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include, but are not limited to, interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges. Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, cross-currency forwards, credit default swaps, put-swaptions and certain equity index call and put options. These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Freestanding derivative instruments classified as Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs. The Company’s freestanding derivative instruments have been classified as Level 2 within the fair value hierarchy at both December 31, 2020 and 2019.

FHLBI Capital Stock

FHLBI capital stock, which is included in other invested assets, can only be sold to FHLBI at a constant price of $100 per share. Due to the lack of valuation uncertainty, the investment has been classified as Level 1.

Cash and Cash Equivalents

Cash and cash equivalents primarily include money market instruments and bank deposits. Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1.

Funds Withheld Payable Under Reinsurance Treaties

The fair value of the funds withheld payable is equal to the fair value of the assets held as collateral, which primarily consists of debt and equity securities, mortgage loans, and policy loans. The fair value of the assets generally use industry standard valuation techniques and the valuation of the embedded derivative also requires certain significant unobservable inputs. The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique referencing the fair value of the investments held under the reinsurance contract and included in the Company’s balance sheet. The funds withheld payable and the funds withheld embedded derivative are considered Level 2 and Level 3, respectively, in the fair value hierarchy.

Receivables from Affiliates

The Company’s receivables from affiliates are set equal to the carrying value and are classified as Level 3.

43

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Separate Account Assets and Liabilities

Separate account assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and are categorized as Level 2 assets. The values of separate account liabilities are set equal to the values of separate account assets.

Other Contract Holder Funds

Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities. Fair values for deferred annuities, including fixed index annuities, are determined using projected future cash flows discounted at current market interest rates.

The fair value of the fixed index annuities embedded option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders.

Fair values for guaranteed investment contracts are based on the present value of future cash flows discounted at current market interest rates.

Fair values for trust instruments supported by funding agreements are based on the present value of future cash flows discounted at current market interest rates, plus the fair value of any embedded derivatives that are not required to be reported separately.

Fair values of the FHLBI funding agreements are based on the present value of future cash flows discounted at current market interest rates.

Variable Annuity Guarantees

Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. Certain benefits, including non-life contingent components of GMWB and GMWB for Life, GMAB, and the reinsurance recoverable on the Company’s GMIB, are recorded at fair value. Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits. The Company discontinued offering the GMIB in 2009 and GMAB in 2011.

GMABs and non-life contingent components of GMWB and GMWB for Life contracts are recorded at fair value with changes in fair value recorded in net losses on derivatives and investments. The fair value of the reserve is based on the expectations of future benefit payments and certain future fees associated with the benefits. At the inception of the contract, the Company attributes to the embedded derivative a portion of rider fees collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the future fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative. Thus, when unfavorable equity market movements cause declines in the contract holder’s account value relative to the guarantee benefit, the valuation of future expected claims would generally increase relative to the measurement performed at the inception of the contract, resulting in an increase in the fair value of the embedded derivative liability (and vice versa).

Jackson’s GMIB book is reinsured through an unrelated party, and due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in net losses on derivatives and investments. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

Fair values for GMWB, GMWB for Life, and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.

The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires

44

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates. The more significant actuarial assumptions include benefit utilization by policyholders, lapse, mortality, and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable.

At each valuation date, the fair value calculation reflects expected returns based on the greater of LIBOR swap rates and constant maturity treasury rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Additionally, non-performance risk is incorporated into the calculation through the use of discount rates based on a blend of observed market yields on debt for life insurers with similar credit ratings to the Company and matrix pricing data for expected yields on Jackson Financial debt (either actual debt issuance or indicative quotes) adjusted to operating company levels. Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience.

As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for this component of the fair value model.

The use of the models and assumptions described above requires a significant amount of judgment. Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value.

Debt

Fair values for the Company’s surplus notes and other long-term debt are generally determined by prices obtained from independent broker dealers or discounted cash flow models. Such prices are derived from market observable inputs and are classified as Level 2. The Squire Surplus Note is set equal to the carrying value and is classified as Level 3.

Securities Lending Payable

The Company’s securities lending payable is set equal to the cash collateral received. Due to the short-term nature of the loans, carrying value is a reasonable estimate of fair value and is classified as Level 2.

Repurchase Agreements

Carrying value of the Company’s repurchase agreements, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

Federal Home Loan Bank Advances

Carrying value of the Company’s Federal Home Loan Bank advances, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

45

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions):

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets	(As Restated)
Debt securities
U.S. government securities	$	5,119.5	$	5,119.5	$	—	$	—
Other government securities	1,696.6		—		1,696.6		—
Public utilities	7,249.3		—		7,249.3		—
Corporate securities	35,088.3		—		35,088.3		—
Residential mortgage-backed	966.0		—		966.0		—
Commercial mortgage-backed	3,313.4		—		3,313.4		—
Other asset-backed securities	5,699.0		—		5,698.9		0.1
Equity securities	174.6		149.4		23.1		2.1
Limited partnerships	0.7		—		—		0.7
Policy loans	3,454.2		—		—		3,454.2
Freestanding derivative instruments	2,219.8		—		2,219.6		—
Cash and cash equivalents	1,852.9		1,852.9		—		—
GMIB reinsurance recoverable	340.4		—		—		340.4
Separate account assets	219,062.9		—		219,062.9		—
Total	$	286,237.6	$	7,121.8	$	275,318.3	$	3,797.5
Liabilities
Embedded derivative liabilities (1)	$	7,076.0	$	—	$	1,483.9	$	5,592.1
Funds withheld payable under reinsurance treaties (2)	4,453.1		—		—		4,453.1
Freestanding derivative instruments	56.4		—		56.4		—
Total	$	11,585.5	$	—	$	1,540.3	$	10,045.2
(1) Includes the embedded derivative liabilities of $5,592.1 million related to GMWB reserves included in reserves for future policy benefits and claims payable and $1,483.9 million of fixed index annuities included in other contract holder funds on the consolidated balance sheets.
(2) Includes the Athene embedded derivative and funds withheld payable under reinsurance treaties at fair value under the fair value option.

46

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(As Restated)
Assets
Debt securities
U.S. government securities	$	6,135.8	$	6,135.8	$	—	$	—
Other government securities	1,741.4		—		1,741.4		—
Public utilities	6,750.3		—		6,750.3		—
Corporate securities	36,350.3		—		36,350.3		—
Residential mortgage-backed	1,048.2		—		1,048.2		—
Commercial mortgage-backed	3,046.4		—		3,046.4		—
Other asset-backed securities	1,901.7		—		1,901.7		—
Equity securities	147.7		101.2		34.7		11.8
Limited partnerships	1.1		—		—		1.1
Policy loans	3,585.8		—		—		3,585.8
Freestanding derivative instruments	1,486.4		—		1,486.4		—
Cash and cash equivalents	1,843.8		1,843.8		—		—
GMIB reinsurance recoverable	302.8		—		—		302.8
Separate account assets	195,070.5		—		195,070.5		—
Total	$	259,412.2	$	8,080.8	$	247,429.9	$	3,901.5
Liabilities
Embedded derivative liabilities (1)	$	4,171.9	$	—	$	1,381.5	$	2,790.4
Funds withheld payable under reinsurance treaties	3,760.3		—		—		3,760.3
Freestanding derivative instruments	24.3		—		24.3		—
Total	$	7,956.5	$	—	$	1,405.8	$	6,550.7
(1) Includes the embedded derivative liabilities of $2,790.4 million related to GMWB reserves included in reserves for future policy benefits and claims payable and $1,381.5 million of fixed index annuities included in other contract holder funds on the consolidated balance sheets.

47

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

Level 3 Assets and Liabilities by Price Source

The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions).

	December 31, 2020
	Total		Internal		External
Assets	(As Restated)
Debt securities
Other-asset backed securities	$	0.1	$	—	$	0.1
Equity securities	2.1		1.3		0.8
Limited partnerships	0.7		0.7		—
Policy loans	3,454.2		3,454.2		—
GMIB reinsurance recoverable	340.4		340.4		—
Total	$	3,797.5	$	3,796.6	$	0.9
Liabilities
Embedded derivative liabilities (1)	$	5,592.1	$	5,592.1	$	—
Funds withheld payable under reinsurance treaties	4,453.1		4,453.1		—
Total	$	10,045.2	$	10,045.2	$	—
	December 31, 2019
	Total		Internal		External
Assets	(As Restated)
Equity securities	$	11.8	$	1.3	$	10.5
Limited partnerships	1.1		1.1		—
Policy loans	3,585.8		3,585.8		—
GMIB reinsurance recoverable	302.8		302.8		—
Total	$	3,901.5	$	3,891.0	$	10.5
Liabilities
Embedded derivative liabilities (1)	$	2,790.4	$	2,790.4	$	—
Funds withheld payable under reinsurance treaties	3,760.3		3,760.3		—
Total	$	6,550.7	$	6,550.7	$	—
(1) Includes the embedded derivatives related to GMWB reserves.

External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

48

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities

The table below presents quantitative information on significant internally-priced Level 3 assets and liabilities (in millions):

	As of December 31, 2020
	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Assumption or Input Range	Impact of Increase in Input on Fair Value
	(As Restated)
Assets
GMIB reinsurance recoverable	$	340.4	Discounted cash flow	Mortality(1)	0.01% - 23.52%	Decrease
				Lapse(2)	3.30% - 9.20%	Decrease
				Utilization(3)	0.00% - 20.00%	Increase
				Withdrawal(4)	3.75% - 4.50%	Increase
				Nonperformance risk(5)	0.33% - 1.57%	Decrease
				Long-Term Volatility(6)	18.50% - 22.47%	Increase
Liabilities
Embedded derivative liabilities	$	5,592.1	Discounted cash flow	Mortality(1)	0.04% - 21.53%	Decrease
				Lapse(2)	0.20% - 30.30%	Decrease
				Utilization(3)	5.00% - 100.00%	Increase
				Withdrawal(4)	56.00% - 95.00%	Increase
				Nonperformance risk(5)	0.33% - 1.57%	Decrease
				Long-term Equity
				Volatility(6)	18.50% - 22.47%	Increase
(1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied.
(2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when contracts are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized.
(3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and moneyness.
(4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions.
(5) Nonperformance risk spread varies by duration.
(6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available.

49

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

	As of December 31, 2019
	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Assumption or Input Range	Impact of Increase in Input on Fair Value
	(As Restated)
Assets
GMIB reinsurance recoverable	$	302.8	Discounted cash flow	Mortality(1)	0.01% - 19.69%	Decrease
				Lapse(2)	3.30% - 9.30%	Decrease
				Utilization(3)	0.00% - 20.00%	Increase
				Withdrawal(4)	3.75% - 4.50%	Increase
				Nonperformance risk(5)	0.00% - 1.18%	Decrease
				Long-term Equity
				Volatility(6)	18.50% - 21.42%	Increase
Liabilities
Embedded derivative liabilities	$	2,790.4	Discounted cash flow	Mortality(1)	0.04% - 18.64%	Decrease
				Lapse(2)	0.10% - 29.30%	Decrease
				Utilization(3)	5.00% - 100.00%	Increase
				Withdrawal(4)	56.00% - 94.00%	Increase
				Nonperformance risk(5)	0.00% - 1.18%	Decrease
				Long-term Equity
				Volatility(6)	18.50% - 21.42%	Increase
(1) Mortality rates vary by attained age, tax qualification status, GMWB benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied.
(2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when contracts are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when GMWB benefits are utilized.
(3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and moneyness.
(4) The withdrawal rate represents the utilization rate of the contract’s free partial withdrawal provision (GMIB) or the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount (GMWB). Withdrawal rates on contracts with a GMIB vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions.
(5) Nonperformance risk spread varies by duration.
(6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available.

Sensitivity to Changes in Unobservable Inputs

The following is a general description of sensitivities of significant unobservable inputs and their impact on the fair value measurement for the assets and liabilities reflected in the table above.

As of December 31, 2020 and 2019, securities of $2.0 million and $2.4 million, respectively, are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy. For these assets, their unobservable inputs and ranges of possible inputs do not materially affect their fair valuations and have been excluded from the quantitative information in the table above.

Policy loans have been excluded from the table above for these investments supporting reinsurance agreements with funds withheld from the reinsurer reported on the Company’s balance sheet. The fair values of these investments incorporate unobservable inputs used to determine the fair value.

The payable for the funds withheld reinsurance agreements, which includes the Athene embedded derivative, has been excluded from the table above as the fair values of these investments incorporate unobservable inputs used to value the host contract to determine the fair value.

The GMIB reinsurance recoverable fair value calculation is based on the present value of future cash flows comprised of future expected reinsurance benefit receipts, less future attributed premium payments to reinsurers, over the lives

50

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

of the contracts. Estimating these cash flows requires actuarially determined assumptions related to expectations concerning policyholder behavior and long-term market volatility. The more significant policyholder behavior actuarial assumptions include benefit utilization, fund allocation, lapse, and mortality.

Embedded derivative liabilities classified in Level 3 represent the fair value of GMWB and GMAB liabilities. These fair value calculations are based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires actuarially determined assumptions related to expectations concerning policyholder behavior and long-term market volatility. The more significant policyholder behavior actuarial assumptions include benefit utilization, fund allocation, lapse, and mortality.

The tables below provide rollforwards for 2020 and 2019 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the table below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments.

				Total Realized/Unrealized Gains (Losses) Included in
								Purchases,
		Fair Value						Sales,		Transfers		Fair Value
		as of				Other		Issuances		in and/or		as of
		January 1,		Net		Comprehensive		and		(out of)		December 31,
(in millions, as Restated)		2020		Income		Income		Settlements		Level 3		2020
Assets
	Debt securities
	Other asset-backed securities	$	—	$	—	$	(1.0)	$	—	$	1.1	$	0.1
	Equity securities	11.8		(9.6)		—		—		(0.1)		2.1
	Limited partnerships	1.1		(0.2)		—		(0.1)		(0.1)		0.7
	GMIB reinsurance recoverable	302.8		37.6		—		—		—		340.4
	Policy loans	3,585.8		(1.7)		—		(129.9)		—		3,454.2
Liabilities
	Embedded derivative liabilities	$	(2,790.4)	$	(2,801.7)	$	—	$	—	$	—	$	(5,592.1)
	Funds withheld payable under reinsurance treaties	(3,760.3)		(673.8)		0.4		(19.4)		—		(4,453.1)
				Total Realized/Unrealized Gains (Losses) Included in
								Purchases,
		Fair Value						Sales,		Transfers		Fair Value
		as of				Other		Issuances		in and/or		as of
		January 1,		Net		Comprehensive		and		(out of)		December 31,
(in millions, as Restated)		2019		Income		Income		Settlements		Level 3		2019
Assets
	Equity securities	$	9.6	$	0.8	$	—	$	(0.4)	$	1.8	$	11.8
	Limited partnerships	—		$	(0.7)	—		—		$	1.8	$	1.1
	Freestanding derivative instruments	8.5		(8.5)		—		—		—		—
	GMIB reinsurance recoverable	300.6		2.2		—		—		—		302.8
	Policy loans	3,543.7		0.5		—		41.6		—		3,585.8
Liabilities
	Embedded derivative liabilities	$	(3,049.7)	$	259.3	$	—	$	—	$	—	$	(2,790.4)
	Funds withheld payable under reinsurance treaties	(3,745.1)		(3.5)		(3.8)		(7.9)		—		(3,760.3)

51

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The components of the amounts included in purchases, sales, issuances, and settlements for years ended December 31, 2020 and 2019 shown above are as follows (in millions):

December 31, 2020 (As Restated)		Purchases		Sales		Issuances		Settlements		Total
Assets
	Debt securities
	Limited partnerships	$	—	$	(0.1)	$	—	$	—	$	(0.1)
	Policy loans	—		—		$	270.6	$	400.5	$	129.9
	Total	$	—	$	(0.1)	$	270.6	$	(400.5)	$	(130.0)
Liabilities
	Funds withheld payable under reinsurance treaties	$	—	$	—	$	(759.7)	$	740.3	$	(19.4)
December 31, 2019		Purchases		Sales		Issuances		Settlements		Total
Assets
	Equity securities	$	—	$	(0.4)	$	—	$	—	$	(0.4)
	Policy loans	—		—		274.7		(233.1)		41.6
	Total	$	—	$	(0.4)	$	274.7	$	(233.1)	$	41.2
Liabilities
	Funds withheld payable under reinsurance treaties	$	—	$	—	$	(313.8)	$	305.9	$	(7.9)

In 2020, there were no transfers from Level 3 to NAV. In 2019, $1.8 million was transferred from NAV to Level 3 as a result of using significant unobservable inputs since a NAV was not available. In 2020, transfers from Level 3 to Level 2 of the fair value hierarchy were $0.1 million and transfers from Level 2 to Level 3 were $1.1 million. There were no transfers to or from Level 3 during 2019.

The portion of gains (losses) included in net income or other comprehensive income attributable to the change in unrealized gains and losses on Level 3 financial instruments still held at December 31, 2020 and 2019 was as follows (in millions. as restated):

		2020				2019
Assets		Included in Net Income		Included in AOCI		Included in Net Income
	Debt securities
	Other asset-back securities	$	(0.5)	$	(0.4)	$	—
	Equity securities	(9.6)		—		0.4
	Limited partnerships	(0.2)		—		0.7
	GMIB reinsurance recoverable	37.6		—		2.2
Liabilities
	Embedded derivative liabilities	$	(2,801.7)	$	—	$	259.3
	Funds withheld payable under reinsurance treaties	826.2		—		(3.8)

52

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Fair Value of Financial Instruments Carried at Other Than Fair Value

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in millions).

		December 31, 2020				December 31, 2019
	Fair Value Hierarchy Level	Carrying Value		Fair Value		Carrying Value		Fair Value
	(As Restated)
Assets
Mortgage loans	Level 3	$	10,727.5	$	11,348.9	$	9,903.6	$	10,232.1
Policy loans	Level 3	1,068.6		1,068.6		1,119.9		1,119.9
FHLBI capital stock	Level 1	125.4		125.4		125.4		125.4
Receivables from affiliates	Level 3	228.8		228.8		247.8		247.8
Liabilities
Annuity reserves (1)	Level 3	$	38,317.8	$	46,684.1	$	36,646.2	$	43,813.6
Reserves for guaranteed investment contracts (2)	Level 3	1,275.5		1,332.1		1,529.6		1,569.5
Trust instruments supported by funding agreements (2)	Level 3	8,383.9		8,701.8		8,852.6		9,086.8
Federal Home Loan Bank funding agreements (2)	Level 3	1,478.4		1,421.3		1,904.9		1,925.0
Funds withheld payable under reinsurance treaties	Level 2	27,518.4		27,518.4		—		—
Debt - Squire Surplus Note	Level 3	211.4		211.4		247.8		247.8
Debt - all other	Level 2	322.0		412.3		327.0		412.3
Securities lending payable	Level 2	12.3		12.3		48.3		48.3
Repurchase agreements	Level 2	1,100.0		1,100.0		—		—
Federal Home Loan Bank advances	Level 2	380.0		380.0		300.1		300.1
Separate account liabilities (3)	Level 2	219,062.9		219,062.9		195,070.5		195,070.5
(1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments.
(2) Included as a component of other contract holders funds on the consolidated balance sheets.
(3) The values of separate account liabilities are set equal to the values of separate account assets.

Fair Value Option

The Company has elected the fair value option for funds withheld assets, which are held as collateral for reinsurance, totaling $3,622.0 million and $3,736.9 million, at December 31, 2020 and 2019, respectively, as previously discussed above.

Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s consolidated financial statements.

53

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

7.    Deferred Acquisition Costs and Deferred Sales Inducements

The balances of and changes in deferred acquisition costs, as of and for the years ended December 31, were as follows (in millions, as restated):

				2020		2019		2018
Balance, beginning of year(1)				$	12,334.4	$	11,066.7	$	11,037.7
	Deferrals of acquisition costs(1)			738.2		796.2		745.4
	Amortization related to:
		Operations		(415.9)		(235.3)		(971.8)
		Derivatives		1,582.3		1,247.5		(148.1)
		Net realized (losses) gains		(6.9)		(9.0)		0.5
		Write-off related to Athene transaction		(625.8)		—		—
			Total amortization	533.7		1,003.2		(1,119.4)
	Unrealized investment losses (gains) (1)			290.2		(531.7)		403.0
Balance, end of year				$	13,896.5	$	12,334.4	$	11,066.7

(1) The following lines have been adjusted as a result of the restatement. See Note 2 for further description of the restatement.

The balances of and changes in deferred sales inducements, which are reported in other assets, as of and for the years ended December 31, were as follows (in millions, as restated):        

				2020		2019		2018
Balance, beginning of year(1)				$	53.6	$	144.3	$	116.1
	Deferrals of sales inducements(1)			3.4		10.9		13.8
	Amortization related to:
		Operations		(6.0)		(20.9)		(31.8)
		Derivatives		0.5		0.2		(0.1)
		Net realized gains (losses)		0.1		(1.1)		0.1
		Write-off related to Athene transaction		(138.2)		—		—
			Total amortization	(143.6)		(21.8)		(31.8)
	Unrealized investment losses (gains)			87.5		(79.8)		46.2
Balance, end of year				$	0.9	$	53.6	$	144.3

(1) The following lines have been adjusted as a result of the restatement. See Note 2 for further description of the restatement.

8.    Reinsurance

The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures. However, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers under a coinsurance, modified coinsurance, or yearly renewable term basis. The Company regularly monitors the financial strength rating of its reinsurers.

The Company has also acquired certain lines of business that are wholly ceded to non-affiliates. These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities.

Effective October 1, 2018, the Company entered into a reinsurance agreement with John Hancock to assume its U.S. Group Payout Annuity business. The initial transaction was structured as indemnity reinsurance by Jackson of John Hancock’s approximately 186,000 Group Payout Annuity certificates. In connection with this transaction, Jackson received total consideration of $5.5 billion including a ceding commission of $222.0 million and recorded $5.5 billion of reserves resulting in no gain or loss.

54

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

On March 15, 2019, the Company closed on a 90% reinsurance agreement with John Hancock Life Insurance Company of New York (“JHNY”), effective January 1, 2019, to assume its Group Payout Annuity business. The initial transaction was structured as indemnity reinsurance by Jackson of JHNY’s approximately 18,000 Group Payout Annuity certificates representing $0.5 billion of reserves.

On May 29, 2019, the Michigan Department of Insurance and Financial Services revoked the status of Scottish RE (U.S.), Inc. as an accredited reinsurer in Michigan. The Company wrote off $6.1 million of paid claims recoverable in 2019 as it was deemed probable that the Company would not recover the balance. At December 31, 2020 and 2019, an allowance of $16.7 million and $42.5 million was established for the ceded reserve.

As indicated in Note 3, on June 18, 2020, the Company entered into a funds withheld coinsurance agreement with Athene effective June 1, 2020 to reinsure on 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission, which was subject to a post-closing adjustment. The Company allocated investments with a statutory book value of approximately $25.6 billion in support of reserves associated with the transaction to a segregated custody account, which investments are subject to an investment management agreement between Jackson and Apollo. To further support its obligations under the coinsurance agreement, Athene procured $1.2 billion in letters of credit for Jackson’s benefit and has established a trust account for Jackson’s benefit funded with assets with a book value of approximately $69.5 million. In September 2020, the post-closing settlement resulted in ceded premium of $6.3 million and a decrease of $28.5 million in ceding commission.

Pursuant to the Athene coinsurance agreement, the Company holds certain assets as collateral. At December 31, 2020, assets held as collateral in the segregated custody account were $28.3 billion.

Jackson’s GMIBs are reinsured with an unrelated party and, due to the net settlement provisions of the reinsurance agreement, meet the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded in net losses on derivatives and investments. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005.

The Company has three retro treaties with SRZ. Pursuant to these retro treaties, the Company ceded to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business. These blocks of business include disability income and accident and health business, a mix of life and annuity insurance business, and corporate owned life insurance business.

In 2020, the Company adopted ASU No. 2016-13, and established an ACL of $9.5 million on its reinsurance recoverables, which are reported net of ACL on the consolidated balance sheets. The ACL considers the credit quality of the reinsurer and is generally determined based on probability of default and loss given default assumptions, after considering any applicable collateral arrangements. Additions to or releases of the allowance were reported in death, other policyholder benefits, and changes in reserves, net of deferrals in the consolidated income statements. The ACL on reinsurance recoverables was $12.6 million at December 31, 2020.

55

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following assets and liabilities were held in support of reserves associated with the Company's funds withheld reinsurance agreements and were reported in the respective financial statement line items in the consolidated balance sheets (in millions, as restated):

	December 31,
	2020(2)	2019
Assets
Debt securities	$24,642.4	$151.1
Equity securities	42.2	—
Mortgage loans	2,985.5	—
Policy loans	3,470.8	3,585.8
Derivative instruments, net	(13.1)	—
Limited partnerships	124.9	—
Cash and cash equivalents	394.1	23.4
Accrued investment income	190.3	—
Other assets and liabilities, net	22.8	—
Total assets	$31,859.9	$3,760.3
Liabilities
Funds held under reinsurance treaties(1)	31,971.5	3,760.3
Total liabilities	$ 31,971.5	$ 3,760.3

(1)Includes funds withheld embedded derivative of $826.6 million at December 31, 2020.

(2)Certain assets are reported at amortized cost while the fair value of those assets are reported in the embedded derivative in the fund withheld liability.

The sources of income related to funds withheld under reinsurance treaties reported in the Net Investment Income in the Consolidated Income Statements were as follows (in millions):

	Years Ended December 31,
	2020	2019	2018
Debt securities	$489.6	$7.9	$2.5
Equity securities	2.1	—	—
Mortgage loans	51.1	—	—
Limited partnerships	(0.5)	—	—
Policy loans	315.2	321.4	307.2
Other investment income	0.1	0.5	0.8
Total investment income on funds withheld assets	857.6	329.8	310.5
Other investment expenses on funds withheld assets (1)	(65.8)	—	—
Total net investment income on funds withheld reinsurance treaties	$791.8	$329.8	$310.5

(1) Includes management fees.

56

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The realized gains and losses on funds withheld reinsurance treaties as a component of Net Losses on Derivatives and Investments in the Consolidated Income Statements were as follows (in millions):

	Years Ended December 31,
	2020	2019	2018
Available-for-sale securities
Realized gains on sale	$ 2,073.5	$ -	$ -
Realized losses on sale	(11.7)	—	—
Credit loss expense	—	—	—
Gross impairments	(1.6)	—	—
Credit loss expense on mortgage loans	(47.3)	—	—
Other	4.1	—	—
Net realized gains on non-derivative investments	2,017.0	—	—
Net losses on derivative instruments	(228.0)	—	—
Net realized gains (losses) on funds withheld payable under reinsurance treaties	(1,349.3)	(329.8)	(310.5)
Total net gains on derivatives and investments	$ 439.7	$ (329.8)	$ (310.5)

As described in Note 3 – Summary of Significant Accounting Policies, while the economic benefits of the funds withheld assets flow to the respective reinsurers, Jackson retains physical possession and legal ownership of the investments supporting the reserves. Net Investment Income and Net Gains on Derivatives and Investments related to the funds withheld assets are included in periodic settlements under the reinsurance agreements which results in the flow of returns on the assets to the reinsurers. Net realized gains on the funds withheld assets are increased or decreased by changes in the embedded derivative liability related to the Athene Reinsurance Agreement and also include (i) changes in the related funds withheld payable and (ii) amortization of the basis difference between book value and fair value of the investments as of the effective date of the reinsurance agreements.

The effect of reinsurance on premium was as follows (in millions):

	For the Years Ended December 31,
	2020	2019	2018
Direct premium:
Life	$272.7	$517.7	$459.0
Accident and health	35.9	40.1	43.9
Plus reinsurance assumed:
Life	42.1	44.3	41.6
Group payout annuity	—	406.1	4,983.2
Accident and health	4.9	5.9	6.9
Less reinsurance ceded:
Life	(172.4)	(417.5)	(346.7)
Annuity guaranteed benefits	(12.7)	(13.5)	(14.3)
Accident and health	(40.8)	(46.0)	(50.8)
Total premium	$129.7	$537.1	$5,122.8

57

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The effect of reinsurance on benefits was as follows (in millions):

	For the Years Ended December 31,
	2020	2019	2018
Direct benefits:
Life	$1,193.8	$1,145.8	$1,180.6
Accident and health	135.3	125.2	139.5
Annuity guaranteed benefits	151.5	132.4	103.2
Plus reinsurance assumed:
Life	226.1	244.9	239.6
Group payout annuity	500.5	523.5	125.0
Accident and health	22.9	25.1	24.2
Less reinsurance ceded:
Life	(505.4)	(512.1)	(531.0)
Accident and health	(158.2)	(150.4)	(163.7)
Deferred sales inducements	(1.2)	(3.1)	(3.6)
Group payout annuity reserves assumed	(321.2)	59.1	5,482.5
Change in reserves, net of reinsurance	(9.5)	(160.4)	345.8
Total benefits	$1,234.6	$1,430.0	$6,942.1

Components of the Company’s reinsurance recoverable were as follows (in millions):

	December 31,
	2020	2019
Reserves:
Life	$5,980.8	$6,420.1
Accident and health	568.7	588.8
Guaranteed minimum income benefits	340.3	302.8
Other annuity benefits(1)(2)	27,543.7	186.8
Claims liability and other	877.1	911.7
Total	$35,310.6	$8,410.2

(1) Other annuity benefits primarily attributable to fixed and fixed index annuities reinsured with Athene.

(2)The following line has been adjusted as a result of the restatement. See Note 2 for further description of the restatement

Included in the reinsurance recoverable were reserves ceded to Brooke Life of $34.2 million and $34.7 million at December 31, 2020 and 2019, respectively. At December 31, 2020, the largest amount ceded to any reinsurer totaled 27.4 billion, which was related to Athene and is fully collateralized.

The following table sets forth the Company’s net life insurance in-force (in billions):

	December 31,
	2020		2019
Direct life insurance in-force	$	118.3	$	142.2
Amounts assumed from other companies	17.0		18.2
Amounts ceded to other companies	(81.8)		(99.5)
Net life insurance in-force	$	53.5	$	60.9

58

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

9.    Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds

The following table sets forth the Company’s reserves for future policy benefits and claims payable balances (in millions, as restated):

	December 31,
	2020		2019
Traditional life	$	4,539.5	$	5,008.9
Guaranteed benefits(1)(2)	8,508.5		5,441.2
Claims payable	1,088.8		1,007.9
Accident and health	1,257.2		1,290.1
Group payout annuities	5,220.3		5,541.5
Other	857.8		901.9
Total	$	21,472.1	$	19,191.5
(1) Includes the embedded derivative liabilities related to the GMWB reserve.
(2) The following line has been adjusted as a result of the restatement. See Note 2 for further description of the restatement.

For traditional life insurance contracts, which include term and whole life, reserves are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest rates, lapse and expenses, plus provisions for adverse deviation. These assumptions are not unlocked unless the reserve is determined to be deficient.

The Company’s liability for future policy benefits also includes liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 10.

The following table sets forth the Company’s liabilities for other contract holder funds balances (in millions):

	December 31,
	2020		2019
Interest-sensitive life	$	11,835.5	$	12,268.9
Variable annuity fixed option	10,609.6		8,230.6
Fixed annuity	16,501.3		17,203.2
Fixed index annuity(1)	14,209.2		14,058.6
GICs, funding agreements and FHLB advances	11,137.8		12,287.1
Total	$	64,293.4	$	64,048.4
(1) At December 31, 2020 and 2019, includes the embedded derivative liabilities related to fixed index annuity of $1,483.9 million and $1,381.5 million, respectively.

For interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to previously acquired business, which is further discussed below. The liability for fixed index annuities is based on three components, 1) the imputed value of the underlying guaranteed host contract, 2) the fair value of the embedded option component of the contract, and 3) the liability for guaranteed benefits related to the optional lifetime income rider. For fixed annuities, variable annuity fixed option, and other investment contracts, as detailed in the above table, the liability is the policyholder’s account value, plus the unamortized balance of the fair value adjustment related to previously acquired business. At December 31, 2020, the Company had interest sensitive life business with minimum guaranteed interest rates ranging from 2.5% to 6.0%, with a 4.68% average guaranteed rate and fixed interest rate annuities with minimum guaranteed rates ranging from 1.0% to 5.5%, with a 1.99% average guaranteed rate.

The Company recorded a fair value adjustment at acquisition related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference

59

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition. This adjustment was recorded in reserves for future policy benefits and claims payable. This reserve is reassessed at the end of each period, taking into account changes in the in-force block. Any resulting change in the reserve is recorded as a change in reserve through the consolidated income statements.

At December 31, 2020 and 2019, approximately 95% and 88%, respectively, of the Company’s fixed annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following tables show the distribution of the fixed interest rate annuities’ account values within the presented ranges of minimum guaranteed interest rates (in millions):

	December 31, 2020
Minimum Guaranteed Interest Rate	Account Value
	Fixed		Fixed Index		Variable		Total
1%	$	90.7	$	164.5	$	6,501.6	$	6,756.8
>1.0% - 2.0%	58.6		2.7		235.7		297.0
>2.0% - 3.0%	915.4		189.9		3,356.6		4,461.9
>3.0% - 4.0%	622.5		—		—		622.5
>4.0% - 5.0%	280.3		—		—		280.3
>5.0% - 5.5%	73.2		—		—		73.2
Subtotal	2,040.7		357.1		10,093.9		12,491.7
Ceded reinsurance	12,923.7		13,852.1		—		26,775.8
Total	$	14,964.4	$	14,209.2	$	10,093.9	$	39,267.5
	December 31, 2019
Minimum Guaranteed Interest Rate	Account Value
	Fixed		Fixed Index		Variable		Total
1%	$	2,798.8	$	4,151.2	$	—	$	6,950.0
>1.0% - 2.0%	1,710.9		6,068.9		5,206.2		12,986.0
>2.0% - 3.0%	7,047.4		3,838.5		2,560.3		13,446.2
>3.0% - 4.0%	1,561.4		—		—		1,561.4
>4.0% - 5.0%	2,236.4		—		—		2,236.4
>5.0% - 5.5%	278.2		—		—		278.2
Total	$	15,633.1	$	14,058.6	$	7,766.5	$	37,458.2

60

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

At December 31, 2020 and 2019, approximately 80% and 81%, respectively, of the Company’s interest sensitive life business account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following table shows the distribution of the interest sensitive life business account values within the presented ranges of minimum guaranteed interest rates, excluding the business that is subject to the previously mentioned retro treaties (in millions):

	December 31,
Minimum	2020		2019
Guaranteed Interest Rate	Account Value - Interest Sensitive Life
>2.0% - 3.0%	$	269.6	$	270.6
>3.0% - 4.0%	2,819.5		3,017.6
>4.0% - 5.0%	2,488.2		2,596.5
>5.0% - 6.0%	2,044.6		2,031.2
Subtotal	7,621.9		7,915.9
Retro treaties	4,213.6		4,353.0
Total	$	11,835.5	$	12,268.9

The Company has established a European Medium Term Note program, with up to $5.8 billion in aggregate principal amount outstanding at any one time. Jackson National Life Funding, LLC was formed as a special purpose vehicle solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The remaining series under this program matured in August 2019.

The Company has established a $23.0 billion aggregate Global Medium Term Note program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to

institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The carrying values at December 31, 2020 and 2019 totaled $8.4 billion and $8.9 billion, respectively.

Those Medium Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net losses on derivatives and investments.

Jackson and Squire Re are members of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI. At both December 31, 2020 and 2019, the Company held $125.4 million of FHLBI capital stock, supporting $1.9 billion and $2.3 billion in funding agreements, short-term and long-term borrowing capacity in 2020 and 2019, respectively.

61

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

10.    Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees

The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (“traditional variable annuities”). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (“variable contracts with guarantees”) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (GMDB), at annuitization (GMIB), upon the depletion of funds (GMWB) or at the end of a specified period (GMAB).

The assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. Liabilities for guaranteed benefits are general account obligations and are reported in reserves for future policy benefits and claims payable. Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income. Changes in liabilities for minimum guarantees are reported within death, other policy benefits and change in policy reserves within the consolidated income statements with the exception of changes in embedded derivatives, which are included in net losses on derivatives and investments. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements.

62

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

At December 31, 2020 and 2019, the Company provided variable annuity contracts with guarantees, for which the net amount at risk (“NAR”) is defined as the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):

								Average
								Period
							Weighted	until
December 31, 2020		Minimum	Account		Net Amount		Average	Expected
		Return	Value		at Risk		Attained Age	Annuitization
Return of net deposits plus a minimum return
	GMDB	0-6%	$	170,510.2	$	2,339.5	67.3 years
	GMWB - Premium only	0%	2,858.1		11.7
	GMWB	0-5%*	247.5		10.8
	GMAB - Premium only	0%	39.4		—
Highest specified anniversary account value minus
withdrawals post-anniversary
	GMDB		13,511.9		86.1		68.3 years
	GMWB - Highest anniversary only		3,459.2		41.1
	GMWB		646.0		55.4
Combination net deposits plus minimum return, highest
specified anniversary account value minus
withdrawals post-anniversary
	GMDB	0-6%	8,890.8		614.8		70.5 years
	GMIB	0-6%	1,675.3		555.5			0.5 years
	GMWB	0-8%*	$	159,856.9	$	5,655.7
								Average
								Period
							Weighted	until
December 31, 2019		Minimum	Account		Net Amount		Average	Expected
		Return	Value		at Risk		Attained Age	Annuitization
Return of net deposits plus a minimum return
	GMDB	0-6%	$	150,575.7	$	2,477.3	66.9 years
	GMWB - Premium only	0%	2,752.7		15.7
	GMWB	0-5%*	257.3		13.8
	GMAB - Premium only	0%	36.5		—
Highest specified anniversary account value minus
withdrawals post-anniversary
	GMDB		12,546.8		68.5		67.7 years
	GMWB - Highest anniversary only		3,232.4		50.9
	GMWB		697.6		55.2
Combination net deposits plus minimum return, highest
specified anniversary account value minus
withdrawals post-anniversary
	GMDB	0-6%	8,158.8		686.6		70.0 years
	GMIB	0-6%	1,688.1		615.8			0.5 years
	GMWB	0-8%*	$	140,528.5	$	7,159.6
* Ranges shown based on simple interest. The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6%, respectively, on a compound interest basis over a typical 10-year bonus period. The combination GMWB category also includes benefits with a defined increase in the withdrawal percentage under pre-defined non-market conditions.

Amounts shown as GMWB above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits. The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below). For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted.

63

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):

	December 31,
Fund type:	2020		2019
Equity	$	132,213.0	$	121,520.3
Bond	20,202.9		19,340.4
Balanced	39,626.1		30,308.3
Money market	1,861.6		956.2
Total	$	193,903.6	$	172,125.2

GMDB liabilities reflected in the general account were as follows (in millions):

	2020		2019
Balance at January 1	$	1,282.9	$	1,371.6
Incurred guaranteed benefits	270.2		24.7
Paid guaranteed benefits	(134.9)		(113.4)
Balance at December 31	$	1,418.2	$	1,282.9

The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the liability balance through the consolidated income statement, within death, other policy benefits and change in policy reserves, if actual experience or other evidence suggests that earlier assumptions should be revised.

The following assumptions and methodology were used to determine the GMDB liability at both December 31, 2020 and 2019 (except where otherwise noted):

1)    Use of a series of stochastic investment performance scenarios, based on historical average market volatility.

2)    Mean investment performance assumption of 7.15% (2020) and 7.4% (2019) after investment management fees, but before external investment advisory fees and mortality and expense charges.

3)    Mortality equal to 38% to 100% of the IAM 2012 basic table improved using Scale G through 2019 (2019: 24% to 100% of the Annuity 2000 table).

4)    Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.3% to 27.9% (before application of dynamic adjustments).

5)    Discount rates: 7.15% on 2020 and later issues.7.4% on 2013 through 2019 issues, 8.4% on 2012 and prior issues.

Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, as previously defined, with the change in fair value reported in net income (as net losses on derivatives and investments). The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 6. The fair valued GMWB had a reserve liability of $5,592.1 million and $2,790.5 million at December 31, 2020 and 2019, respectively, and was reported in reserves for future policy benefits and claims payable.

Jackson has also issued certain GMWB products that guarantee payments over a lifetime. Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated using assumptions and methodology similar to the GMDB liability. At December 31, 2020 and 2019, these GMWB reserves totaled $181.3 million and $161.3 million, respectively, and were reported in reserves for future policy benefits and claims payable.

GMAB benefits were offered on some variable annuity plans. However, the Company no longer offers these benefits. The GMAB had an asset value that was immaterial to the consolidated financial statements at both December 31, 2020 and 2019, respectively.

The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over

64

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

the accumulation period based on total expected assessments. The assumptions used for calculating the direct GMIB liability are consistent with those used for calculating the GMDB liability. At December 31, 2020 and 2019, GMIB reserves before reinsurance totaled $86.9 million and $86.6 million, respectively.

Other Liabilities – Insurance and Annuitization Benefits

The Company has established additional reserves for life insurance business for universal life plans with secondary guarantees, interest-sensitive life plans that exhibit “profits followed by loss” patterns and account balance adjustments to tabular guaranteed cash values on one interest-sensitive life plan.

Liabilities for these benefits have been established according to the methodologies described below:

	December 31, 2020					December 31, 2019
Benefit Type	Liability (in millions)		Net Amount at Risk (in millions)		Weighted Average Attained Age	Liability (in millions)		Net Amount at Risk (in millions)		Weighted Average Attained Age
Insurance benefits*	$	939.6	$	19,483.0	63.5 years	$	904.1	$	20,620.5	62.8 years
Account balance adjustments	133.6		N/A		N/A	127.8		N/A		N/A
* Amounts for the UL benefits are for the total of the plans containing any policies having projected non-zero excess benefits and thus, may include some policies with zero projected excess benefits.

The following assumptions and methodology were used to determine the UL insurance benefit liability at December 31, 2020 and 2019:

1)    Use of a series of deterministic premium persistency scenarios.

2)    Other experience assumptions similar to those used in amortization of deferred acquisition costs.

3)    Discount rates equal to credited interest rates, approximately 3.0% to 5.5% in both 2020 and 2019.

The Company also has a small closed block of two-tier annuities, where different crediting rates are used for annuitization and surrender benefit calculations. A liability is established to cover future annuitization benefits in excess of surrender values, and was immaterial to the consolidated financial statements at both December 31, 2020 and 2019. The Company also offers an optional lifetime income rider with certain of its fixed index annuities. The liability established for this rider before reinsurance was $18.1 million and $3.3 million at December 31, 2020 and 2019, respectively.

11.    Debt

The aggregate carrying value of borrowings was as follows (in millions):

	December 31,
	2020		2019
Surplus notes	$	461.1	$	497.4
FHLBI bank loans	72.3		77.3
Total	$	533.4	$	574.7

At December 31, 2020, the above borrowings were all due after five years.

Surplus notes

Under Michigan Insurance Law, for statutory reporting purposes, the surplus notes are not part of the legal liabilities of the Company and are considered surplus funds. Payments of interest or principal may only be made with the prior approval of the commissioner of insurance of the state of Michigan and only out of surplus earnings which the commissioner determines to be available for such payments under Michigan Insurance Law.

On March 15, 1997, Jackson issued 8.15% surplus notes in the principal amount of $250.0 million due March 15, 2027. These surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933, and are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims and may not be redeemed

65

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

at the option of the Company or any holder prior to maturity. Interest is payable semi-annually on March 15th and September 15th of each year. Interest expense on the notes was $20.5 million in 2020, and $20.4 million in both 2019 and 2018, respectively.

In conjunction with a reserve financing transaction, Squire Re II issued the Squire Surplus Note to an affiliate. The Squire Surplus Note matures December 30, 2031 and bears interest at 4.35%, payable quarterly. During 2020, 2019, and 2018 interest expense on the Squire Surplus Note was $9.8 million, $11.0 million, and $12.7 million, respectively.

Federal Home Loan Bank Loans

The Company received loans of $50.0 million from the FHLBI under its community investment program in both 2015 and 2014, which amortize on a straight line basis over the loan term. The weighted average interest rate on these loans was 0.48% in 2020 and 2.20% in 2019. The outstanding balance on these loans was $72.3 million and $77.3 million at December 31, 2020 and 2019, respectively. During 2020, 2019, and 2018, interest expense for these loans totaled $0.5 million, $1.8 million, and $1.6 million, respectively. At December 31, 2020, the loans were collateralized by mortgage-related securities and mortgage loans with a carrying value of $96.3 million.

12.    Federal Home Loan Bank Advances

The Company entered into a short-term advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances of $380.0 million and $300.1 million were outstanding at December 31, 2020 and 2019, respectively, and were recorded in other liabilities. The Company paid interest of $0.3 million, $2.1 million, and $2.6 million on such advances during 2020, 2019, and 2018, respectively.

13.    Income Taxes

On March 27, 2020, H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, “the CARES ACT”, was signed into legislation which includes tax provisions relevant to businesses that during 2020 will impact taxes related to 2018 and 2019. Some of the significant changes are reducing the interest expense disallowance for 2019 and 2020, allowing the five year carryback of net operating losses for 2018-2020, suspension of the 80.0% limitation of taxable income for net operating loss carryforwards for 2018-2020, and the acceleration of depreciation expense from 2018 and forward on qualified improvement property. In 2020, the Company recognized a tax benefit of $16.3 million as a result of the CARES ACT. In addition, the Taxpayer Certainty & Disaster Tax Relief Act was enacted on December 27, 2020. There was no impact to taxes from this legislation.

The components of the provision for federal income taxes were as follows (in millions):

	Years Ended December 31,
	2020		2019		2018
	(As Restated)
Current tax (benefit) expense	$	(65.3)	$	299.5	$	113.9
Deferred tax (benefit) expense	(775.6)		(672.9)		134.5
Income tax (benefit) expense	$	(840.9)	$	(373.4)	$	248.4

66

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The federal income tax provisions differ from the amounts determined by multiplying pre tax income attributable to Jackson by the statutory federal income tax rate of 21.0% were as follows (in millions):

	Years Ended December 31,
	2020			2019			2018
	(As Restated)
Income taxes at statutory rate	$	(502.8)		$	(176.0)		$	477.8
State income taxes(1)	(56.4)			—			—
Dividends received deduction	(157.8)			(170.9)			(114.6)
U.S. federal tax reform impact(2)	(16.3)			—			(11.1)
Provision for uncertain tax benefit	—			—			4.8
Other tax credits	(60.7)			(39.8)			(33.4)
Prior year deferred tax benefit	(52.9)			—			—
Contribution of capitalized affiliate	—			—			(77.9)
Other	6.0			13.3			2.8
Income tax (benefit) expense	$	(840.9)		$	(373.4)		$	248.4
Effective tax rate	35.1		%	44.5		%	10.9		%
(1) For the year ended December 31, 2020, includes a benefit of $32.9 million relating to a true-up for prior periods.
(2) For the year ended December 31, 2020, the benefit is the result of the CARES act. For the year ended December 31, 2018, the benefit is the result of the change in tax rates under the Tax Cuts and Jobs Act.

For 2019 and 2018, the rate reconciling items for other tax credits and other items included a reclassification to conform with the current year presentation.

Federal income taxes (received) paid were $(3.8) million, $379.3 million, and $35.4 million in 2020, 2019, and 2018, respectively.

The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in millions, as restated):

	December 31,
	2020		2019
Gross deferred tax asset
Difference between financial reporting and the tax basis of:
Policy reserves and other insurance items	$	3,257.7	$	2,987.4
Derivative investments	1,120.6		863.2
Employee benefits	136.9		129.2
Other investment items	329.5		—
Net operating loss carryforward	28.9		48.1
Other	53.4		63.9
Total gross deferred tax asset	4,927.0		4,091.8
Gross deferred tax liability
Difference between financial reporting and the tax basis of:
Deferred acquisition costs and sales inducements	(2,810.6)		(2,484.1)
Other investment items	—		(295.0)
Net unrealized investment gains	(1,020.9)		(606.3)
Other	(59.6)		(46.5)
Total gross deferred tax liability	(3,891.1)		(3,431.9)
Net deferred tax asset	$	1,035.9	$	659.9

67

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable. Considerable judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused.

Concluding that a valuation allowance is not required is difficult when there has been significant negative evidence, such as cumulative losses in recent years. The Company utilized a three year rolling calculation of actual income before taxes adjusted for permanent items to measure the cumulative losses in recent years. The total historical cumulative loss includes significant increases in the dividend received deduction (DRD) benefit for 2018 and 2019 due to the majority of funds in separate accounts converting regulated investment companies (RICs) to Partnerships. The conversion resulted in two years of DRD from RIC distributions being deducted in each of 2018 and 2019. Significant increases in the DRD from fund conversions are not expected to continue as there are a limited number of RIC funds that could still be converted. In 2020, the Company entered into a funds withheld coinsurance agreement with Athene that resulted in a significant one-time loss related to the net consideration of the reinsurance transaction during the year. Accordingly, in analyzing the three year rolling calculation of actual income before taxes adjusted for permanent differences, the Company concluded it was appropriate to exclude the increased DRD and Athene loss as well as a one-time loss for hedges related to managing to risk limits under the previous VA reserving regime in 2019, in assessing the sources of taxable income available to realize the benefit of deferred tax assets.

The Company evaluated each component of the deferred tax asset and assessed the effects of limitations and/or interpretations on the value of such components to be fully recognized in the future. The Company also evaluated the likelihood of sufficient taxable income in the future to offset the available deferred tax assets based on evidence considered to be objective and verifiable. Based on the analysis at December 31, 2020, the Company concluded that it is more likely than not, that the $1,035.9 million of net deferred tax assets will be realized through future projected taxable income.

In 2016, the Company reached an agreement with the IRS regarding the taxation of hedging activities. This agreement requires the current taxation of all unrealized gains and losses on hedge-related investments, but then defers two-thirds of the amount ratably over the following two years. Accordingly, there is an acceleration of taxes incurred currently and a related offset to the taxes being deferred.

At December 31, 2020, the Company had a federal tax ordinary loss carryforward of $137.0 million attributable to a previous acquisition, which begins to expire in 2026. Section 382 of the Internal Revenue Code imposes limitations on the utilization of net operating loss carryforwards. The Section 382 limitation is an annual limitation on the amount of pre-acquisition net operating losses that a corporation may use to offset post-acquisition income. Section 382 further limits certain unrealized built-in losses at the time of acquisition. The annual limitation is approximately $21.0 million. At December 31, 2020 and 2019, the Company had Foreign Tax Credit and Alternative Minimum Tax Credit (subject to 382 limitations) carryforwards of $6.2 million and $44.4 million, respectively.

The Company has considered both permanent and temporary positions in determining the unrecognized tax benefit rollforward. At December 31, 2020 and 2019, the Company held reserves related to the exclusion of short-term capital gains from the separate account dividends received deduction ("DRD") calculation and a change in the calculation of its tax basis reserves. The DRD was agreed to through the IRS Fast Track Settlement process in 2020 and the unrecognized benefit has been recorded to FIT payable included in other liabilities on the consolidated balance sheets.

68

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following table summarizes the changes in the Company’s unrecognized tax benefits (in millions):

	December 31,
	2020		2019
Unrecognized tax benefit, beginning of year	$	33.0	$	33.0
Additions for tax positions identified	—		—
Decrease for DRD short-term gain position	(30.7)		—
Unrecognized tax benefit, end of year	$	2.3	$	33.0

The table above has been restated from prior year to remove accrued interest.

The Company recognizes interest and penalties accrued, if any, related to unrecognized tax benefits as a component of income tax (benefit) expense. The Company did not recognize any interest and penalty expense in 2020 or 2019. In 2018, the Company recognized interest and penalty expense of $2.1 million. For both 2020 and 2019 the Company had total accrued interest of $4.9 million. The Company did not record any amounts for penalties related to unrecognized tax benefits during 2020, 2019, or 2018.

Based on information available as of December 31, 2020, the Company believes that, in the next 12 months, there are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease.

The Company is generally no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years prior to 2012. The Brooke Life federal consolidated tax return is currently under examination by the Internal Revenue Service for the 2017 tax year. The Company does not anticipate any material changes from this audit.

14.    Segment Information

The Company has three reportable segments consisting of Retail Annuities, Institutional Products, Closed Life and Annuity Block, plus its Corporate and Other segment. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. The following is a brief description of the Company’s reportable segments.

Retail Annuities

The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, fixed index annuities, and fixed annuities. These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions, primarily to high net worth investors and the mass and affluent markets.

The Company’s variable annuities, represent an attractive option for retirees and soon-to-be retirees, providing access to equity market appreciation and add-on benefits, including guaranteed lifetime income. A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index. The Company also provides access to guaranteed lifetime income as an add-on benefit. A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered from banks or money market funds.

The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, including the fixed portion of its variable annuity account values and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders.

Institutional Products

The Company’s Institutional Products consists of traditional guaranteed investment contracts (“GICs”), funding agreements (including agreements issued in conjunction with the Company’s participation in the US Federal Home Loan Bank of Indianapolis program) and Medium Term Note funding agreements. The Company’s GIC products are

69

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

marketed to defined contribution pension and profit sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well as money market funds, and are issued to the FHLBI in connection with its program.

The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn target spreads on general account assets.

Closed Life and Annuity Blocks

Although the Company historically offered traditional life insurance products, it discontinued new sales of life insurance products in 2012. The Company’s Closed Life and Annuity Blocks segment includes life insurance products offered through that point, including various protection products, such as whole life, universal life, variable universal life and term life insurance products that provide financial safety for individuals and their families. This segment distributed these products primarily through independent insurance agents; independent broker-dealers; regional broker-dealers; wirehouses; registered investment advisers; and banks, credit unions and other financial institutions, primarily to the mass market. This segment also includes acquired closed blocks consisting primarily of life insurance.

The Company’s Closed Life and Annuity Blocks segment also includes group pay-out annuities, consisting of a closed block of defined benefit annuity plans assumed from John Hancock USA and John Hancock Life Insurance Company of New York through a reinsurance agreement. A single premium payment from an employer (contract holder) funds the pension benefits for its employees (participants). The contracts are tailored to meet the requirements of the specific pension plan being covered.

The profitability of the Company’s Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriately price its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net losses on derivatives and investments, and the ability to earn an assumed rate of return on the assets supporting that business.

Corporate and Other

The Company’s Corporate and Other segment primarily consists of the operations of its unallocated corporate income and expenses.

The Corporate and Other segment also includes certain eliminations and consolidation adjustments.

Segment Performance Measurement

Segment operating revenues and pretax adjusted operating earnings are non-GAAP financial measures that management believes are critical to the evaluation of the financial performance of the Company’s segments. The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income. Its primary measure is pretax adjusted operating earnings, which is defined as net income recorded in accordance with GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses which are not considered to drive underlying profitability. Operating revenues and pretax adjusted operating earnings should not be used as a substitute for net income as calculated in accordance with GAAP.

Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the following items:

•    Fees attributable to guarantee benefits: fees paid in conjunction with guaranteed benefit features offered for certain of the Company’s variable annuities and fixed index annuities are set at a level intended to mitigate the cost of hedging and funding the liabilities associated with such guaranteed benefit features. The full amount of the fees attributable to guarantee benefit features have been excluded from pretax adjusted operating earnings as the related net movements in freestanding derivatives and net reserve and embedded derivative movements, as described below, have been excluded from pretax adjusted operating earnings. This presentation of earnings is intended to directly align revenue and related expenses associated with the guaranteed benefit features;

•    Net movement in freestanding derivatives, except earned income (periodic settlements and changes in settlement accruals) on derivatives that are hedges of investments, but do not qualify for hedge accounting treatment: changes in the fair value of freestanding derivatives used to manage the risk associated with life and annuity reserves, including those arising from the guaranteed benefit features offered for certain variable annuities and fixed index annuities. Net movements in freestanding derivatives have been excluded from

70

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

pretax adjusted operating earnings because the market value of these derivatives may vary significantly from period to period as a result of near-term market conditions and therefore are not directly comparable or reflective of the underlying profitability of the business;

•    Net reserve and embedded derivative movements: changes in the valuation of certain life and annuity reserves, a portion of which are accounted for as embedded derivative instruments and which are primarily comprised of variable and fixed index annuity reserves, including those guaranteed benefit features offered for certain of the Company’s variable annuities. Net reserve and embedded derivative movements have been excluded from pretax adjusted operating earnings because the carrying values of these derivatives may vary significantly from period to period as the result of near-term market conditions and policyholder behavior-related inputs and therefore are not directly comparable or reflective of the underlying profitability of the business. Movements in reserves attributable to the current period claims and benefit payments in excess of a customer’s account value on these policies are also excluded from pretax adjusted operating earnings as these benefit payments are affected by near-term market conditions and policyholder behavior-related inputs and therefore may vary significantly from period to period;

•    Net Realized Investment Gains and Losses including change in fair value of funds withheld embedded derivative: Realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio, as well as impairments of securities, after adjustment for the non-credit component of the impairment charges and change in fair value of funds withheld embedded derivative related to the Athene Reinsurance Transaction;

•    DAC and DSI impact: amortization of deferred acquisition costs and deferred sales inducements associated with the items excluded from pretax adjusted operating earnings;

•    Assumption changes: the impact on the valuation of net derivative and reserve movements, including amortization on DAC, arising from changes in underlying actuarial assumptions;

•    Loss on Athene Reinsurance Transaction: Includes contractual ceding commission, cost of reinsurance write-off, and DAC and DSI write-off related to the Athene Reinsurance Transaction;

•    Net investment income on funds withheld assets; Includes net investment income on funds withheld assets related to the reinsurance transaction;

•    Income taxes.

As detailed above, the fees attributed to guaranteed benefits, the associated movements in optional guaranteed benefit liabilities, and related claims and benefit payments are excluded from pretax adjusted operating earnings, as the Company believes this approach appropriately removes the impact to both revenue and expenses associated with the guaranteed benefit features that are offered for certain variable annuities and fixed index annuities.

71

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions).

72

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

For the Year Ended December 31, 2020	Retail Annuities		Closed Life and Annuity Blocks		Institutional Products		Corporate and  Other		Intersegment Eliminations		Total Consolidated
Operating Revenues
Fee income	$	3,470.1	$	512.5	$	—	$	—	$	—	$	3,982.6
Premium	—		142.4		—		—		—		142.4
Net investment income	922.3		758.1		354.8		(143.4)		97.3		1,989.1
Income on operating derivatives	48.0		58.3		—		21.2		—		127.5
Other income	29.9		25.7		1.6		7.3		—		64.5
Total Operating Revenues	4,470.3		1,497.0		356.4		(114.9)		97.3		6,306.1
Operating Benefits and Expenses
Death, other policy benefits and change in policy	54.4		866.5		—		—		—		920.9
Interest credited on other contract holder funds, net of deferrals	524.1		428.2		250.0		—		—		1,202.3
Interest expense	27.3		—		16.5		—		—		43.8
Operating costs and other expenses, net of deferrals	1,811.5		169.2		4.8		24.7		—		2,010.2
Deferred acquisition and sales inducements amortization	61.2		16.9		—		—		19.8		97.9
Total Operating Benefits and Expenses	2,478.5		1,480.8		271.3		24.7		19.8		4,275.1
Pretax Adjusted Operating Earnings	$	1,991.8	$	16.2	$	85.1	$	(139.6)	$	77.5	$	2,031.0

For the Year Ended December 31, 2019	Retail Annuities		Closed Life and Annuity Blocks		Institutional Products		Corporate and  Other		Intersegment Eliminations		Total Consolidated
Operating Revenues
Fee income	$	3,406.4	$	528.3	$	—	$	—	$	—	$	3,934.7
Premium	—		550.6		—		—		—		550.6
Net investment income	1,491.5		801.2		449.7		(58.8)		5.2		2,688.8
Income on operating derivatives	38.6		26.5		—		7.5		—		72.6
Other income	0.5		59.1		—		9.9		—		69.5
Total Operating Revenues	4,937.0		1,965.7		449.7		(41.4)		5.2		7,316.2
Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	26.7		1,390.1		—		—		—		1,416.8
Interest credited on other contract holder funds, net of deferrals	897.6		444.3		290.6		—		—		1,632.5
Interest expense	34.8		—		48.8		—		—		83.6
Operating costs and other expenses, net of deferrals	1,757.3		107.0		4.7		38.2		—		1,907.2
Deferred acquisition and sales inducements amortization	(62.5)		19.4		—		—		1.4		(41.7)
Total Operating Benefits and Expenses	2,653.9		1,960.8		344.1		38.2		1.4		4,998.4
Pretax Adjusted Operating Earnings	$	2,283.1	$	4.9	$	105.6	$	(79.6)	$	3.8	$	2,317.8

73

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

For the Year Ended December 31, 2018	Retail  Annuities		Closed Life and Annuity Blocks		Institutional Products		Corporate and Other		Intersegment Eliminations		Total Consolidated
Operating Revenues
Fee income	$	3,384.1	$	545.4	$	—	$	—	$	—	$	3,929.5
Premium	—		5,137.1		—		—		—		5,137.1
Net investment income	1,489.2		657.8		381.3		(74.8)		21.6		2,475.1
Income on operating derivatives	67.4		49.0		—		9.8		—		126.2
Other income	0.3		55.4		—		5.0		—		60.7
Total Operating Revenues	4,941.0		6,444.7		381.3		(60.0)		21.6		11,728.6
Operating Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	(9.3)		6,301.8		—		—		—		6,292.5
Interest credited on other contract holder funds, net of deferrals	854.6		462.6		230.4		—		—		1,547.6
Interest expense	42.3		—		43.9		—		—		86.2
Operating costs and other expenses, net of deferrals	1,689.4		(407.9)		5.0		53.6		—		1,340.1
Deferred acquisition and sales inducements amortization	619.9		22.4		—		—		7.3		649.6
Total Operating Benefits and Expenses	3,196.9		6,378.9		279.3		53.6		7.3		9,916.0
Pretax Adjusted Operating Earnings	$	1,744.1	$	65.8	$	102.0	$	(113.6)	$	14.3	$	1,812.6

Included in the intersegment eliminations in the above tables, is the elimination of investment income between Retail Annuities and the Corporate and Other segments.

The following table summarizes the reconciling items from operating revenues to total revenues attributable to the Company (in millions, as restated):

	Years Ended December 31,
	2020		2019		2018
Total operating revenues	$	6,306.1	$	7,316.2	$	11,728.6
Fees attributed to variable annuity benefit reserves	2,509.0		2,376.8		2,239.2
Net losses on derivatives and investments	(6,581.6)		(6,789.3)		(935.6)
Net investment income on funds withheld assets	791.8		329.8		310.5
Total revenues	$	3,025.3	$	3,233.5	$	13,342.7

-

The following table summarizes the reconciling items from operating benefits and expenses to total benefits and expenses attributable to the Company (in millions):

	Years Ended December 31,
	2020		2019		2018
Total operating benefits and expenses	$	4,275.1	$	4,998.4	$	9,916.0
Benefits attributed to variable annuity benefit reserves	150.1		131.7		102.5
Amortization of DAC and DSI related to non-operating revenues and expenses	(1,252.0)		(939.9)		501.6
SOP 03-1 reserve movements	163.6		(118.5)		547.2
Athene reinsurance transaction	2,081.6		—		—
Total benefits and expenses	$	5,418.4	$	4,071.7	$	11,067.3

74

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following table summarizes the reconciling items, net of deferred acquisition costs and deferred sales inducements, from pretax adjusted operating earnings to net income attributable to the Company (in millions, as restated):

	Years Ended December 31,
	2020		2019		2018
Pretax adjusted operating earnings	$	2,031.0	$	2,317.8	$	1,812.6
Non-operating adjustments:
Fees attributable to guarantee benefit reserves	2,509.0		2,376.8		2,239.2
Net movement in freestanding derivatives	(4,660.6)		(6,595.2)		604.7
Net reserve and embedded derivative movements	(3,183.5)		60.3		(1,588.3)
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative	812.8		(145.6)		(292.4)
DAC and DSI impact	1,260.5		898.4		(612.4)
Assumption changes	127.5		(80.5)		(198.5)
Loss on Athene Reinsurance Transaction	(2,081.6)		—		—
Net investment income on funds withheld assets	791.8		329.8		310.5
Pretax (loss) income attributable to Jackson	(2,393.1)		(838.2)		2,275.4
Income tax (benefit) expense	(840.9)		(373.4)		248.4
Net (loss) income attributable to Jackson	$	(1,552.2)	$	(464.8)	$	2,027.0

The following table summarizes total assets by segment (in millions):

	December 31,
	2020		2019
Retail Annuities	$	304,102.9	$	249,976.7
Closed Life and Annuity Blocks	34,120.6		30,645.4
Institutional Products	13,687.6		14,735.3
Corporate and Other	(449.3)		(474.3)
Total Assets	$	351,461.8	$	294,883.1

15.    Commitments, Contingencies, and Guarantees

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable. At December 31, 2020 and 2019, Jackson recorded accruals totaling $13.1 million and $30.7 million, respectively.

State guaranty funds provide payments for policyholders of insolvent life insurance companies. These guaranty funds are financed by assessing solvent insurance companies based on location, volume and types of business. The Company estimated its reserve for future state guaranty fund assessments based on data received from the National Organization of Life and Health Insurance Guaranty Associations. Based on data received, the Company’s reserve for future state guaranty fund assessments was $2.3 million and $2.6 million at the end of 2020 and 2019, respectively. At December 31, 2020 and 2019, related premium tax offsets were $0.5 million and $0.8 million, respectively. While Jackson cannot predict the amount and timing of any future assessments, the Company believes the reserve is adequate for all anticipated payments for known insolvencies.

75

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

As restated, at December 31, 2020, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $1,327.5 million. At December 31, 2020, unfunded commitments related to fixed-rate commercial mortgage loans and other debt securities totaled $828.0 million.

The Company has two separate service agreements with third party administrators to provide policyholder administrative services. These agreements, subject to certain termination provisions, have ten and twelve-year terms and expire in 2021 and 2030.

16.Leases

The Company leases office space and equipment under several operating leases that expire at various dates through 2051. The Company determines if a contract is a lease at inception or modification. Lease terms may include options to extend or terminate the lease and are included in the lease measurement when it is reasonably certain that the Company will exercise that option. Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and corresponding lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are determined using the Company’s incremental borrowings rate based upon information available at lease commencement. Certain lease incentives such as free rent periods are recorded as a reduction of the ROU asset. Lease costs for operating leases are recognized on a straight-line basis over the life of the lease.

The Company has lease agreements with both lease and non-lease components. The Company elected the practical expedient to combine lease and non-lease components for certain real estate leases.

Variable lease expenses may include changes in index-linked lease payments and certain variable operating expenses associated with real estate leases. These payments are recognized in operating expenses in the period incurred.

The Company recorded operating lease net ROU assets of $18.6 million and $25.6 million and associated lease liabilities of $29.5 million and $38.6 million as of December 31, 2020 and 2019, respectively, classified within other assets and other liabilities, respectively. Net lease expense was $21.5 million, $32.2 million, and $40.0 million in 2020, 2019, and 2018, respectively, including expenses associated with software leases.

In 2018, the Company announced the closing of its Denver office as part of a strategic reorganization of the distribution platform. The Company determined that the lease obligation for this building exceeded the economic benefit for the remainder of the contract, resulting in an expense accrual of $8.6 million in 2018. Upon adoption of ASU 2016-02 in 2019, this expense accrual was recorded as an impairment of the associated ROU asset.

The following table summarizes the components of operating lease costs and other information related to operating leases recorded within operating costs and other expenses, net of deferrals, (in millions):

	Year Ended December 31,
	2020			2019
Lease Cost:
Operating leases (1)	$	10.6		$	12.9
Variable lease costs	2.0			2.2
Sublease income	(4.6)			(3.2)
Net Lease Cost	$	8.0		$	11.9
Other Information:
Cash paid for amounts included in the measurement of operating lease liability	$	10.2		$	12.2
ROU assets obtained in exchange for new lease liabilities	$	0.3		$	0.1
Weighted average lease term	6 years			6 years
Weighted average discount rate	3.6		%	3.6		%
(1) Operating lease costs exclude software leases, as intangible assets are excluded from the scope of Accounting Standard Codification 842, Leases.

76

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

At December 31, 2020, the maturities of operating lease liabilities were as follows (in millions)

2021	$	7.4
2022	6.2
2023	6.0
2024	4.7
2025	3.1
Thereafter	5.6
Total	$	33.0
Less: interest	3.5
Present value of lease liabilities	$	29.5

17.    Share-Based Compensation

Certain employees participate in various share award plans relating to Prudential shares and/or American Depositary Receipts (“ADRs”) that are tradable on the New York Stock Exchange and are described below.

At certain times, the Company may grant one-off type retention awards to certain key senior executives within Jackson. These awards are subject to the prior approval of the Jackson Remuneration Committee and are nil cost awards with a contingent right to receive Prudential ADRs. The awards are contingent upon continued employment of the recipient through the award vesting date. There are no performance measurements with these awards.

The Company reflects the above plan as an equity classified plan and, therefore, reflects the net reserve related to the compensation expense and the value of the shares distributed under this plan within the consolidated statements of equity. At December 31, 2020 and 2019, the Company had $7.7 million and $0.5 million, respectively, reserved for future payments under this plan.

The Company either acquires shares/ADRs or reimburses Prudential for the costs of any shares/ADRs that were distributed to participants in the above plan, or may be distributed in the future. The shares/ADRs acquired for all the share-award plans are held at cost in a trust account for future distributions. The Company reflects the costs of shares/ADRs held within the consolidated balance sheet as shares held in trust. At both December 31, 2020 and 2019, the Company had $4.3 million of shares/ADRs held at cost in the trust, respectively.

The PLTIP is a Prudential incentive plan in which the Company may grant share awards to eligible employees in the form of a contingent right to receive Prudential ADRs, or a conditional allocation of Prudential ADRs, subject to the prior approval of the Jackson Remuneration Committee. These share awards vest based on the achievement of planned International Financial Reporting Standards (“IFRS”) pretax operating income for the U.S. business, have vesting periods of three years and are at nil cost to the employee. Share awards vest between 0% (less than 90% of plan) and 100% (more than 110% of plan) of the grant amounts dependent on IFRS pretax operating income attained over the performance period. Award holders do not have any right to dividends or voting rights attached to the ADRs granted during the performance period. Upon vesting, a number of ADRs equivalent to the value of dividends that otherwise would have been received over the performance period are added to vested awards.

The Company reflects the above plan as a liability classified plan and, therefore, reflects the accrued compensation expense and the value of the shares distributed within other liabilities. At December 31, 2020 and 2019, the Company had $88.9 million and $85.8 million, respectively, accrued for future payments under this plan.

The Company recognizes share-based compensation expense associated with the above equity classified plans based on the grant-date fair value of the awards, and liability classified plans based on the change in fair value of the awards ratably over the requisite service period of each individual grant, which generally equals the vesting period. The Company estimates forfeitures when calculating share-based compensation expense.

77

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

Total expense related to these share-based performance related compensation plans was as follows (in millions):

	Years Ended December 31,
	2020		2019		2018
Prudential LTIP	$	36.8	$	53.6	$	26.6
Retention Share Plan	7.6		1.2		(0.3)
Total compensation expense related to incentive plans	$	44.4	$	54.8	$	26.3
Income tax benefit	$	9.3	$	11.5	$	5.5

The total unrecognized compensation expense related to all share-based plans at December 31, 2020 was $126.0 million with a weighted average remaining period of 1.60 years.

During both 2020 and 2019, certain one-off type retention awards were issued.

The weighted average share/ADR fair values of share-based awards granted by the PLTIP during 2020, 2019, and 2018 were $25.90, $39.75, and $49.44, respectively.    

The weighted average fair value for the Company’s performance awards represents the average Prudential ADR price for the thirty days following Prudential’s unaudited annual earnings release date. The fair value amounts relating to the equity settled plans were determined using either the Black-Scholes or Monte Carlo option-pricing models. These models are used to calculate fair values for options and awards at the grant date based on the quoted market price of the stock at the measurement date, the dividend yield, expected volatility, risk-free interest rates and expected term.

Outstanding non-vested Prudential ADRs granted were as follows:                

	Prudential LTIP plan
	ADR's	Weighted Average Grant Date Fair Value
At December 31, 2018	3,801,703	$42.68
Granted	1,995,888	39.75
Exercised	1,217,914	37.27
Lapsed/Forfeited	546,477	44.18
At December 31, 2019	4,033,200	$42.66
Granted	2,212,956	25.90
Exercised	1,307,392	42.12
Lapsed/Forfeited	210,291	40.65
At December 31, 2020	4,728,473	$35.32

At December 31, 2020 and 2019, there were 785,205 and 33,435, respectively, non-vested Prudential ADR grants related to the one-off retention award plan, with a weighted average grant date price of $26.39 and $35.89.

78

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

18.    Statutory Accounting Capital and Surplus

The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile. Statutory accounting practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing investments and certain assets and accounting for deferred income taxes on a different basis.

Under Michigan Insurance Law, Jackson must provide notification to the Michigan commissioner of insurance prior to payment of any dividend. Ordinary dividends on capital stock may only be distributed out of earned surplus, excluding any unrealized capital gains and the effect of permitted practices (referred to as adjusted earned surplus). At December 31, 2020, the Company had no adjusted earned surplus available for dividends. Ordinary dividends are also limited to the greater of 10% of statutory surplus as of the preceding year-end, excluding any increase arising from the application of permitted practices, or the statutory net income, excluding any net realized investment gains, for the twelve month period ended on the preceding December 31. The commissioner may approve payment of dividends in excess of these amounts, which would be deemed an extraordinary dividend. The maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to Brooke Life in 2021, is estimated to be $456.3 million, subject to the availability of adjusted earned surplus as of the dividend date.

Dividends from the Company to its parent were nil, $525.0 million, and $451.9 million in 2020, 2019, and 2018, respectively. Jackson’s 2018 dividends include $1.9 million related to Jackson’s forgiveness of Brooke Life’s intercompany tax liability.

At both December 31, 2020 and 2019 Jackson’s statutory capital and surplus of the Company, as reported in its Annual Statement, was $4.8 billion, which included an adjustment of $83.3 million, as further described below. Statutory net (loss) income of the Company, as reported in its Annual Statement, was $(1,933.5) million, $(1,057.6) million, and $1,896.3 million in 2020, 2019, and 2018, respectively.

At December 31, 2019, Jackson early adopted the provisions of the National Association of Insurance Commissioners Valuation Manual Minimum Standards No. VM-21: Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”). During 2020, Jackson determined that a simplifying modelling assumption was not consistent with its intent in the adoption of VM-21. The adjustment resulting from this correction and related modelling changes would have reduced after-tax unassigned funds (surplus) by $83.3 million as of December 31, 2019. The Company determined this adjustment to be a correction of an error that was not material to the current year or the 2019 annual financial statements and, therefore, included the adjustment related to the prior year, in the current year change in surplus.

Effective December 31, 2020, the Company received approval from the Department of Insurance and Financial Services regarding the use of a permitted practice which allows early adoption of an exemption for ordinary life insurance certificates issued during 2020 that would be subject to VM-20 of the NAIC Valuation Manual. The exemption for companies meeting the conditions of APF 2020-09 will be part of the 2022 Valuation Manual. The permitted practice does not result in differences in net income or capital and surplus between NAIC SAP and practices prescribed or permitted by the state of Michigan, as reserves are established utilizing the same methodology as prior years. However, the additional PBR requirements are eliminated.

Jackson had been granted a permitted practice that allowed Jackson to carry interest rate swaps at book value, as if the requirements for statutory hedge accounting were in place, instead of at fair value as would have been otherwise required. Jackson was required to demonstrate the effectiveness of its interest rate swap program pursuant to the Michigan Insurance Code. The permitted practice was annually renewed and was in place until September 30, 2019, at which time, with the approval of the Department of Insurance and Financial Services, it was terminated.

Under Michigan Insurance Law, VOBA is reported as an admitted asset if certain criteria are met. Pursuant to Michigan Insurance Law, the Company reported $81.9 million and $131.0 million of statutory basis VOBA at December 31, 2020 and 2019, respectively, which is fully admissible.

The NAIC has developed certain risk-based capital (“RBC”) requirements for life insurance companies. Under those requirements, compliance is determined by a ratio of a company’s total adjusted capital (“TAC”), calculated in a manner prescribed by the NAIC to its authorized control level RBC, calculated in a

79

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

manner prescribed by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice the authorized control level RBC (“Company action level RBC”). At December 31, 2020, the Company’s TAC remained well in excess of the Company action level RBC.

In addition, on the basis of statutory financial statements that insurers file with the state insurance regulators, the NAIC annually calculates twelve financial ratios to assist state regulators in monitoring the financial condition of insurance companies. A usual range of results for each ratio is used as a benchmark and departure from the usual range on four or more of the ratios can lead to inquiries from individual state insurance departments. In 2020 and 2019, there were no significant exceptions with any ratios.

19.    Other Related Party Transactions

The Company's investment portfolio is managed by PPM America, Inc. (“PPMA”), a registered investment advisor. PPMA is ultimately a wholly owned subsidiary of Prudential. The Company paid $65.4 million, $76.8 million, and $68.9 million to PPMA for investment advisory services during 2020, 2019, and 2018, respectively.

NPH, Jackson’s former affiliated broker-dealer network, distributed products issued by Jackson and received commissions and fees from Jackson. Commissions and fees paid by Jackson to NPH during 2018 totaled $5.6 million. In December 2018, the broker dealers were consolidated into NPH, which was then contributed to Jackson via Brooke Life, and converted to NPH LLC.

Jackson has entered into shared services administrative agreements with both NPH and PPMA. Under the shared services administrative agreements, Jackson charged $8.7 million, $7.8 million, and $8.3 million of certain management and corporate services costs to these affiliates in 2020, 2019, and 2018, respectively.

Jackson provides a $100.0 million revolving credit facility to Jackson Financial Inc., an upstream holding company. The loan is unsecured, matures in December 2021, accrues interest at LIBOR plus 2%, and has a commitment fee of 0.10% per annum. There was no outstanding balance at both December 31, 2020 and 2019. The highest outstanding loan balance during both 2020 and 2019 was nil. During 2020, 2019, and 2018, interest and commitment fees totaled $0.1 million, respectively.

Jackson provides a $40.0 million revolving credit facility to PPMA. The loan is unsecured, matures in September 2023, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.10% per annum. There was no outstanding balance at both December 31, 2020 and 2019. The highest outstanding loan balance during both 2020 and 2019 was nil.

Interest and commitment fees totaled $54 thousand, $40 thousand, and $111 thousand during 2020, 2019 and 2018, respectively.

Jackson provides a $20.0 million revolving credit facility to Jackson Holdings, LLC, an upstream holding company. The loan is unsecured, matures in June 2024, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. The outstanding balance at both December 31, 2020 and 2019, was nil. The highest outstanding loan balance during both 2020 and 2019 was nil. During 2020, 2019, and 2018, interest and commitment fees totaled $0.1 million, respectively.

Jackson, through its PGDS subsidiary, provides information security and technology services to certain Prudential affiliates. Jackson recognized $4.7 million, $3.4 million, and $2.8 million of revenue associated with these services during 2020, 2019, and 2018, respectively. This revenue is included in other income in the accompanying consolidated income statements and is substantially equal to the costs incurred by PGDS to provide the services, which are reported in operating costs and other expenses, net of deferrals, in the consolidated income statements.

As a result of the previously mentioned investment management agreement between Jackson and Apollo, an affiliate of Athene, the Company pays Apollo management fees, which are calculated and paid monthly in arrears. The Company incurred $59.8 million associated with these services during 2020.

80

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

20.    Benefit Plans

The Company has a defined contribution retirement plan covering substantially all employees and certain affiliates. Effective January 1, 2020, employees are immediately eligible to participate in the Company’s matching contribution. To be eligible to participate in the Company’s profit sharing contribution an employee must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary. In addition, the employee must be employed on the applicable January 1 or July 1 entry date. The Company's annual profit sharing contributions, as declared by the board of directors, are based on a percentage of eligible compensation paid to participating employees during the year. In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year. The Company’s expense related to this plan was $29.5 million, $27.8 million, and $31.3 million in 2020, 2019, and 2018, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain agents and employees of Jackson and certain affiliates. At December 31, 2020 and 2019, the liability for such plans totaled $594.8 million and $592.5 million, respectively, and is reported in other liabilities. The Company’s expense (income) related to these plans, including a match of elective deferrals for the agents’ deferred compensation plan and the change in value of participant elected deferrals, was $55.7 million, $69.9 million, and $(1.3) million in 2020, 2019, and 2018, respectively.

21.    Operating Costs and Other Expenses

The following table is a summary of the Company’s operating costs and other expenses (in millions):

	Years Ended December 31,
	2020		2019		2018
Commission expenses	$	1,927.0	$	1,935.1	$	1,804.2
John Hancock ceding commission and expense reimbursement write-off	—		(65.2)		(555.0)
Athene ceding commission write-off	(1,202.5)		—		—
General and administrative expenses	820.0		834.0		838.1
Deferral of acquisition costs	(736.8)		(796.9)		(747.1)
Total operating costs and other expenses	$	807.7	$	1,907.0	$	1,340.2

22.    Accumulated Other Comprehensive Income

The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions, as restated):

	December 31,
	2020		2019		2018
Balance, beginning of year	$	2,539.3	$	(71.9)	$	1,071.4
OCI before reclassifications	2,120.8		2,546.4		(1,194.2)
Amounts reclassified from AOCI	(700.1)		64.8		(89.2)
Cumulative effect of changes in accounting principles	—		—		140.1
Balance, end of year (1)	$	3,960.0	$	2,539.3	$	(71.9)

(1) Includes $1,212.8 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of December 31, 2020.

81

Jackson National Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2020 and 2019

The following table represents amounts reclassified out of AOCI (in millions):

AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Income Statement
	December 31,
	2020		2019		2018
Net unrealized investment (loss) gain:
Net realized (loss) gain on investments	$	(895.2)	$	83.0	$	(111.0)	Net losses on derivatives and investments
Other impaired securities	9.1		(1.0)		(1.9)		Net losses on derivatives and investments
Net unrealized (loss) gain before income taxes	(886.1)		82.0		(112.9)
Income tax benefit (expense)	186.0		(17.2)		23.7
Reclassifications, net of income taxes	$	(700.1)	$	64.8	$	(89.2)

82

Schedule I

Jackson National Life Insurance Company and Subsidiaries

Summary of Investments - Other Than Investments in Related Parties

(In millions, as restated)

	As of December 31, 2020
Type of Investment	Cost or Amortized Cost		Fair Value		Amount at Which Shown on Balance Sheet
Debt securities:
Bonds:
U.S. government securities	$	5,072.6	$	5,119.5	$	5,119.5
Other government securities	1,496.6		1,696.6		1,696.6
Public utilities	6,225.2		7,249.3		7,249.3
Corporate securities	31,846.0		35,088.3		35,088.3
Residential mortgage-backed	893.2		966.0		966.0
Commercial mortgage-backed	3,069.2		3,313.4		3,313.4
Other asset-backed securities	5,617.0		5,699.0		5,699.0
Total debt securities	54,219.8		59,132.1		59,132.1
Equity securities	174.6		174.6		174.6
Commercial mortgage loans	10,727.5		N/A		10,727.5
Policy loans	4,522.8		N/A		4,522.8
Freestanding derivative instruments	2,219.8		N/A		2,219.8
Other invested assets	1,950.9		N/A		1,958.3
Total investments	$	73,815.4			$	78,735.1

See the accompanying Report of Independent Registered Public Accounting Firm

83

Schedule III
Jackson National Life Insurance Company and Subsidiaries

Supplemental Insurance Information

(In millions, as restated)

			Deferred Acquisition Costs		Reserves for Future Policy Benefits and Claims Payable		Other Contract Holder Funds
December 31, 2020
	Retail Annuities		$	13,738.9	$	7,955.7	$	39,839.3
	Closed Life and Annuity Blocks		133.8		13,516.4		13,316.3
	Institutional Products		—		—		11,137.8
	Corporate and Other		23.8		—		—
		Total	$	13,896.5	$	21,472.1	$	64,293.4
December 31, 2019
	Retail Annuities		$	12,233.8	$	4,871.9	$	37,926.0
	Closed Life and Annuity Blocks		149.2		14,319.6		13,835.3
	Institutional Products		—		—		12,287.1
	Corporate and Other		(48.6)		—		—
		Total	$	12,334.4	$	19,191.5	$	64,048.4
December 31, 2018
	Retail Annuities		$	11,011.7	$	5,173.5	$	35,371.0
	Closed Life and Annuity Blocks		177.2		14,424.2		14,178.2
	Institutional Products		—		—		10,900.1
	Corporate and Other		(122.2)		—		—
		Total	$	11,066.7	$	19,597.7	$	60,449.3
			Premium		Net Investment Income		Interest Credited on Other Contract Holder Funds		Deferred Acquisition and Sales Inducements Amortization		Operating Costs and Other Expenses
December 31, 2020
	Retail Annuities		$	—	$	922.3	$	524.1	$	61.2	$	1,811.5
	Closed Life and Annuity Blocks		142.4		758.1		428.2		16.9		169.2
	Institutional Products		—		354.8		250.0		—		4.8
	Corporate and Other		—		(143.4)		—		—		24.7
	Intersegment eliminations		—		97.3		—		19.8		—
		Total	$	142.4	$	1,989.1	$	1,202.3	$	97.9	$	2,010.2
December 31, 2019
	Retail Annuities		$	—	$	1,491.5	$	897.6	$	(62.5)	$	1,757.3
	Closed Life and Annuity Blocks		550.6		801.2		444.3		19.4		107.0
	Institutional Products		—		449.7		290.6		—		4.7
	Corporate and Other		—		(58.8)		—		—		38.2
	Intersegment eliminations		—		5.2		—		1.4		—
		Total	$	550.6	$	2,688.8	$	1,632.5	$	(41.7)	$	1,907.2
December 31, 2018
	Retail Annuities		$	—	$	1,489.2	$	854.6	$	619.9	$	1,689.4
	Closed Life and Annuity Blocks		5,137.1		657.8		462.6		22.4		(407.9)
	Institutional Products		—		381.3		230.4		—		5.0
	Corporate and Other		—		(74.8)		—		—		53.6
	Intersegment eliminations		—		21.6		—		7.3		—
		Total	$	5,137.1	$	2,475.1	$	1,547.6	$	649.6	$	1,340.1

See the accompanying Report of Independent Registered Public Accounting Firm

84

Schedule IV

Jackson National Life Insurance Company and Subsidiaries

Reinsurance

For the Years Ended December 31, 2020, 2019, and 2018

(In millions)

	Gross Amount		Ceded		Assumed		Net Amount		% Amount Assumed to Net
2020
Life insurance in-force	$	118,328.1	$	81,857.9	$	17,034.1	$	53,504.3	31.8%
Insurance premium
Life insurance	$	272.7	$	172.4	$	42.1	$	142.4	29.6%
Group payout annuity							—
Accident and health	35.9		40.8		4.9		—
Annuity guaranteed benefits	—		12.7		—		(12.7)
Total insurance premium	$	308.6	$	225.9	$	47.0	$	129.7	36.2%
2019
Life insurance in-force	$	142,233.0	$	99,495.3	$	18,206.2	$	60,943.9	29.9%
Insurance premium
Life insurance	517.7		417.5		44.3		144.5		30.7%
Group payout annuity	—		—		406.1		406.1
Accident and health	40.1		46.0		5.9		—
Annuity guaranteed benefits	—		13.5		—		(13.5)
Total insurance premium	$	557.8	$	477.0	$	456.3	$	537.1	85.0%
2018
Life insurance in-force	$	165,032.8	$	114,846.9	$	19,213.8	$	69,399.7	27.7%
Insurance premium
Life insurance	459.0		346.7		41.6		153.9		27.0%
Group payout annuity	—		—		4,983.2		4,983.2
Accident and health	43.9		50.8		6.9		—
Annuity guaranteed benefits	—		14.3		—		(14.3)
Total insurance premium	$	502.9	$	411.8	$	5,031.7	$	5,122.8	98.2%

See the accompanying Report of Independent Registered Public Accounting Firm

85

Schedule V

Jackson National Life Insurance Company and Subsidiaries

Valuation and Qualifying Accounts

For the Years Ended December 31, 2020 and 2019

(In millions)

	Balance at Beginning of Period		Charged to Costs and Expenses			Deductions			Balance at End of Period
2020 (As Restated)
Allowance for credit losses on debt securities	$	—	$	13.6		$	—		$	13.6
Allowances for credit losses on commercial mortgage and other loans	8.9		170.3		(1)	—		(2)	179.2
Allowance for credit losses on reinsurance recoverable	—		12.6		(3)	—			12.6
Valuation allowance on deferred tax asset	—		—			—			—
	$	8.9	$	196.5		$	—		$	205.4
2019
Allowances for losses on commercial mortgage and other loans	$	5.4	$	3.5	(4)	$	—	(2)	$	8.9
Valuation allowance on deferred tax asset	—		—			—			—
	$	5.4	$	3.5		$	—		$	8.9
(1) Includes cumulative effect adjustment related to the adoption of ASU 2016-13 of $62.0 million.
(2) Represents release of allowance for write-offs.
(3) Includes cumulative effect adjustment related to the adoption of ASU 2016-13 of $9.5 million.
(4) Represents additions to allowance for losses.

See the accompanying Report of Independent Registered Public Accounting Firm

86